If i withdraw $50000 out of an IRA I will be subject to the %10 early withdrawl penalty. Taxes will be around $15000. So let's say i am left with $30000. If i invest all $30000 in a business start up can i write that off and recoupe most of my penalty? I was hoping to figure out how much of a deduction i would receive so i could invest every possible penny now instead of waiting for a refund in 2018. Maybe invest $35000-$40000 and save $10000-$15000 for estimated 2017 tax bill. Can i do that?
Thanks.
