Retirement tax questions

@mhffas 

That doesn't really tell me what you need to know.  You should get the various forms and instructions and see where the credits come out on your tax return.

 

If you are talking about this credit,

https://www.irs.gov/businesses/small-businesses-self-employed/rehabilitation-credit

that's available for small businesses.  So it will reduce the tax you owe on your business, but that may or may not flow to your personal tax return to be able to offset an IRA.  It depends on how you file your business taxes.  And if you have a loss on your business (because the credit offsets your tax plus more), then does the loss carry over to your personal return or does it stay with the business.  

 

Also, this rehab credit seems like it is spread out over 5 years, not taken all at once.  So you may need to spread out your IRA withdrawals, assuming the business credit can offset your personal income tax, which it may not.

 

You should be speaking with a tax pro who knows about your business taxes and how the business credit will interact with your personal return.