I am 64 years old. In November of last year I took a large sum of money out of my IRA's to start a farm business. Is there anyway to reduce the tax burden incurred by withdrawing money from my IRA and using it as income into a new farm business I am starting?
I noticed that if I treat the distribution as income for the business my tax burden is decreased significantly, but being that the distribution are 1099-R (Box 7 - Code 7 - Normal Distribution) I do not get the deduction.
Any insight would be appreciated.
