Will one cancel the other when I file my taxes?

jc-jt · ‎June 4, 2019

I have a 1099 withdrawal from my IRA. I paid off my 2nd mortgage on my primary residence.

xmasbaby0 · ‎June 4, 2019

Not quite sure what you mean by "will one cancel the other" -- you will need to enter your 1099R for the withdrawal and there will be tax when it is combined with your other income (and possibly an early withdrawal penalty if you were not 59 1/2)

The deduction you get for your mortgage is any interest you paid on the mortgage--there is no deduction for paying the principal.

Wages and Income>Retirement Plans and Social Security>IRA 401 k) Pension Plan Withdrawals to enter your 1099R.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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xmasbaby0 · ‎June 4, 2019

Not quite sure what you mean by "will one cancel the other" -- you will need to enter your 1099R for the withdrawal and there will be tax when it is combined with your other income (and possibly an early withdrawal penalty if you were not 59 1/2)

The deduction you get for your mortgage is any interest you paid on the mortgage--there is no deduction for paying the principal.

Wages and Income>Retirement Plans and Social Security>IRA 401 k) Pension Plan Withdrawals to enter your 1099R.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**