NancyR wrote:
- quote -

quite often. And that is don't get tax advice or believe tax advice
from bank officials, hairdressers/barbers, or used car salesmen.
Always check with you competent local tax pro.

ChEAr$,
Harlan Lunsford, EA n LA

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

I'm the original poster and want to thank you for your responses. I
received faulty information from the IRA dept. of my bank regarding being
able to take a distribution by April 15, 2009 but declaring it as income in
2008.

Nancy

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

In article <W4%pl.11432$hc1.11427[at]flpi150.ffdc.sbc.com> ,
Alan <sfcnm-mtm[at]yahoo.com> wrote:
- quote -


Ah? I parsed this as saying OP wanted to take 5000 for the 2008
RMD and 5000 for the 2009 RMD.


But with at least three separate posters parsing it as recognizing
income in 2008 and then in 2009, I probably need to review English 101
again.
--


ArtKamlet at a o l dot c o m Columbus OH K2PZH

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

"Arthur Kamlet" <kamlet[at]panix.com> wrote in message
news:go9u18$lku$1[at]reader1.panix.com...
- quote -


Yes, but it would still be 2009 taxable income. Since the OP is past 59 1/2
and the early withdrawal penalty does not apply, the OP can do pretty much
whatever she wants. It is too late for a 2008 taxable event which is what
the OP wanted to do.

--
Charles M. Shanes, CPA
Charles M. Shanes CPA, LLC
Richmond, VA
QuickBooks ProAdvisor
Microsoft MPAN Member for SBA
www.shanescpa.com
cshanes[at]-Delete-This-Nospam-shanescpa.com


- quote -

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Alan wrote:
- quote -

For those playing the home version of this game, Art correctly stated
that a Required Minimum Distribution for the year in which you turn
70-1/2 may be taken by April 1 of the next year, further distribution
are required to be taken in the same year, based on prior year's 12/31
value. As Alan clarified, that wasn't really the question, it was about
taking a taxable distribution in 2008, which cannot be done as it's now
2009. Thanks for joining, drive home safely....

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Arthur Kamlet wrote:
- quote -


A distribution taken in 2009 is taxable income in 2009. She
wanted to take the income into 2008.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

In article <go9dsa$nqr$1[at]news.motzarella.org> ,
JoeTaxpayer <JoeTaxpayer[at]comcast.net> wrote:
- quote -


Actually if OP turned age 70 1/2 in 2008, it is possible to
take the 2008 distribution by April 1 2009 and still be OK.
--


ArtKamlet at a o l dot c o m Columbus OH K2PZH

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

NancyR wrote:
- quote -

You cannot make 2008 withdrawal any more. Dec 31 was your deadline.
If you really have so little taxable income, you may be able to take
nearly all $10,000 now and pay no tax, but that depends on your exact
numbers.

Joe

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

I have an $13,000 IRA CD that is maturing in a few days. I'd like to take
out $5000 for 2008 and $5000 for 2009, leaving $3000 as an IRA. What would
be the best way to document this for the IRS. My taxable income for 2008 is
almost nothing and should be the same for 2009. I'm way past 59 1/2 years
old so I don't have any early withdrawal penalty to deal with.

Nancy

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >