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Cashing Part of IRA - TaxMama.com

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Uploaded on Jan 26, 2011

http://TaxMama.com
Today TaxMama hears from Christine in the TaxQuips Forum, who is unhappy with her investment. "I have an IRA, with 2 classes of shares of the same mutual fund. One is doing OK; the other is leaking money like a sieve. I'd like to use the poor one (about $2,800) to pay down or off some cards with a 15% interest rate. Would the early withdrawal penalty negate this advantage? An even bigger question is that I've used up to 50% of my contribution as a tax credit. Would I have to give that back?"

Read the answer at TaxMama.com:
http://taxmama.com/tax-quips/cashing-...

Image Credit:
http://www.flickr.com/photos/27996745...

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