Solved
Can I withdraw from a Trad IRA up until April 15 for the prior year tax return?
I do understand I have up until April 15 to make contributions to an IRA.
However, I am wondering if I can make a withdrawal from the IRA (or a individual 401K) between January 1 and April 15, 2015 to be accounted for in the 2014 tax year?
I'm asking because I have a non-refundable credit that I am pretty much throwing away for my 2014 tax return. And, so, I am thinking of making a withdrawal on which I know I will be taxed. But, the unused credit will "pay" the tax on that withdrawal for me.
The real factor is December 31, 2014 has passed and I am concerned that taking a withdrawal now (March 2015) will need to be reported on my tax return NEXT year . . . and that I do not have the option of reporting it at this late date on my 2014 tax return. Any info you may have for me will help guide me in my next steps.
Thank you in advance.
However, I am wondering if I can make a withdrawal from the IRA (or a individual 401K) between January 1 and April 15, 2015 to be accounted for in the 2014 tax year?
I'm asking because I have a non-refundable credit that I am pretty much throwing away for my 2014 tax return. And, so, I am thinking of making a withdrawal on which I know I will be taxed. But, the unused credit will "pay" the tax on that withdrawal for me.
The real factor is December 31, 2014 has passed and I am concerned that taking a withdrawal now (March 2015) will need to be reported on my tax return NEXT year . . . and that I do not have the option of reporting it at this late date on my 2014 tax return. Any info you may have for me will help guide me in my next steps.
Thank you in advance.
