12K IRA Withdrawal 2010 3K Contribution Deductable??

[JohnH]

I don't think he will receive the EIC. Haven't run across this particular situation, but I'm fairly certain IRS will keep anything they can get their hands on while an installment agreement is in effect.

I'm not recommending this as good financial planning, but if he's still on hard times and needs a few extra dollars each month, he can ask for the installment agreement payments to be reduced after the offset posts. It will extend his repayment period & ultimately his total P&I cost, but sometimes when the ox is in the ditch you gotta do whatever you can. He can probably get this done with a simple phone call.

[SFBOB]

Thanks John

I must be getting tired. I was going to post as a new question and put it in the reply section. Well what can I say on April 16th?

[Gene V]

Gene v and JohnH. Thanks Guys. Gene made me get out to pencil and figure out that he will be 69 January 2012. Did I get it right Gene? John, so far good luck for me. My mother made it to 102 years of age before she went to meet her maker. Have A Good One. Thanks Bob

You got it right Bob,(69) I lived in Sunnyvale for a year in 1980, work at the San Jose Airport,
I liked the Bay area.
Gene

[oceanlovin'ea]

When I said he was covered by retirement plan at work, my program said it was non deductible too.

You left out an important piece of the puzzle. So I am sure all software would get it right.

Glad you figured it out.

Linda, EA