I am wondering if I can withdraw tax money owed from my IRA and what the consequences will be next year at tax time? I am 61 years old and owe around $8,000 .thanks

[mikehannonp]

I am 61 and owe about $8,000 in taxes. I have not made any w/d from this account this year(2109)

[xmasbaby0 · Accepted solution]

Any distribution from your retirement account in 2019 will be taxable income on your 2019 tax return next year.  If you take money from your IRA to pay your tax, then next year you will receive a 1099R for that distribution.  It will not be subject to an early withdrawal penalty since you are over 59 1/2 but it will be taxed as ordinary income to you, along with your other income.  Since you owe over $1000 for 2018, you might want to make quarterly estimated tax payments during 2019 to avoid an underpayment penalty next year.