I have not done my taxes yet i took money out of my ira and have not put in in yet can i still do my taxes?

Question

I have not done my taxes yet i took money out of my ira and have not put in in yet can i still do my taxes?

Answer 1

If you took a distribution from your IRA before 12/31/2007, it is now too late to put it back into another IRA as a rollover.  

It is also too late to contribute to an IRA for 2007 in any case.

You need to report the distribution on your 2007 taxes, using the information from the 1099R issued to you.  So yes, you can still do your taxes, and even e-file them.

If you took the distribution from your IRA in 2008, this distribution would not appear on your 2007 tax return.  You have 60 days from the date of the distribution to roll it into another IRA with no tax consequence.

Answer 2

Yes you still need to file your taxes, you will have to pay penalties and intrest on any money due to the irs...If you are getting a refund you will not owe the irs the penalties and intrest...but if you took money out of an ira it sounds like you will probable owe something