Update on my IRA Withdrawal Problem........

[Anonymous]

I went and talked to Julie at my bank (the one that usually helps me) and she said everything is okay the way the papers are and when I file my taxes, I will be filling in what has been withdrawn and then I'll write in the Rollover amount and that will show how much I will have to show as taxable income! I still am not sure about the way they have been filled out as I would do it differently, but ya know the IRS and Gov't, make it as difficult for those filing taxes, as possible....but they keep saying filing is easier! HA! HA! Sure it is easy for them.....many don't file taxes or if they do, they forget and don't pay them...but you let the little person (without much money) owe something and here they come!!!!!!!!!!!!!!!!!!!!!!!!! Anyway, I guess I am the one confused and it does say Rollover on the amount I replaced but in a different IRA.....per her instructions! I told her she was great and said I will be okay, right? She said yes....shouldn't be any problem when you file! Oh well, so goes life, especially for MA! She said WOW that was quick....wish she had more that easy! Took about 2 mins, more or less! So, turned out not to be a BIG Problem, so far!

Praise God and Thank You, Jesus! And everyone for their prayers! God Bless! Betty

 

[Mike from MI "Iron Brigade"]

It is easy to do taxes! Just give them to a tax person and write a huge check! Sure not fair!

 

[steve in so la]

you are getting it lined out ok. I never have had stocks, IRA's , etc . Good luck, Steve in so az

 

[Anonymous]

n/t

 

[Anonymous]

Thanks, Steve, and yes, I am on the way to getting my income tax filings done....will need to download the MO form. Because of sending in a form for the stimulus payments last year, Cliff and I rec our 2008 Fed Income Tax forms which he doesn't need to use but I do and since I looked at the form yesterday, I see exactly what I need to do to get it all taken care of, as I actually only have a little over $3000.00 to claim as withdrawn income!

My ex and I started IRAs when we didn't have to declare them as income until we withdrew the monies! This has really helped me since he left, but sadly all of mine have been withdrawn to help me not to go under and lose my home but this one, which is mostly from the money I rec. through the divorce, when my ex had to share some of the money with me and it was rolled over into an IRA to keep from paying taxes on the amount the year of the rollover! I had done rollovers from IRAs from bank to bank, but never from the same account at the same bank, so I became confused. I had 60 days to replace the amount withdrawn to help pay for my home in Cuba and replaced most of it by borrowing on credit cards at low rates, although I had to pay transfer fees....but made sure I chose the lowest ones with limits on the fees, many of them charge 3% on the whole amount written on their checks but with the situation I am in, it really helped me to keep from paying on a huge amount of income tax for 2008! When I have to show the withdrawal amount, I have less to pay on with my being past 65 with less income....only Social Security which isn't taxed under a certain amount, and I rec SS way under that! I still only have $602.00 SS income each month, even with the last raise, so you can understand all that I've had to do to keep my bills, expenses and RE Taxes paid on my home. But sure is a headache too many times.....I seem to get a statement almost every other day; therefore, gotta watch those credit card dates and not go over my limit or have a late payment! Be glad when I am out of debt, so I can have some peace of mind! But I praise God for helping me to do what I've done as I would have lost my home long ago.........soooo Praise God, Thank You, Jesus and Holy Spirit!

PS....I don't use credit cards that have transfers on them, as I use the ones without transfers for purchases....that way I don't get charged the higher int rate for purchases separate from the transfer rate. I have used wisdom, but this last one was confusing, as I hadn't had a rollover in several years to declare on my income tax forms! I usually don't have to file Fed or State income tax forms on my low income! I don't have any stocks or Bonds....so no problem there! God Bless! Betty

 

[Mike Chgo area]

n/t

 

[Anonymous]

Yep, Bigger problems for us than for God.....most are inflated by the minds not comprehending the way things are done, but some common sense wouldn't hurt this old world! God Bless!