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IRA Withdrawl to Pay taxes????

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    IRA Withdrawl to Pay taxes????

    We are currently on a 100% payback plan on our Chapter 13 and we are going to have to pay the IRS a little over $2500. We are considering taking some money from our IRA in order to pay these taxes since we can not incur any more debt. Will we have to have our attorney petition the court or can we just go around doing that? We are kind of in a crunch since we waited so long.

    #2
    You need to talk to your attorney about your options. Even if you don't need approval, unless you are of retirement age, taking the moey from the IRA should be your last resort because with penalties and taxes you'll effectively be paying taxes on the taxes you owe. A payment plan with the IRS may be a better option. But, that may require trustee or court approval. Call your attorney.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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