Brooklyn, NY asked in Bankruptcy for New York

Q: If I took a one-time withdrawal from my Roth IRA in 2019, do I need to report that as income on my bankruptcy forms?

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4 Lawyer Answers
Leonard R. Boyer
Leonard R. Boyer
Answered
  • Bankruptcy Lawyer
  • Clifton, NJ

A: Yes, it is income. Bankruptcy is extremely complex and is not something to attempt on you own. You really need to retain an experienced bankruptcy attorney. There are all types of Rules and Case law, that could impact your case, and you have no idea how what you do not know can hurt you.

Howard E. Knispel
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Howard E. Knispel
Answered
  • Bankruptcy Lawyer
  • Commack, NY
  • Licensed in New York

A: There are several places to report income in a Bankruptcy petition and they are asll different. Schedule J is for current incomre. The Means Test requires a six month average (the six months prior to filing), and the Statement of Financial Affairs jrequires the last two years income plus the yer to date income. You should speak to your attorney as to whether the early withdrawal fits into one of these.

Timothy Denison
Timothy Denison
Answered
  • Bankruptcy Lawyer
  • Louisville, KY

A: Yes. You do need to include it.

Karra Kingston
Karra Kingston
Answered
  • Bankruptcy Lawyer
  • Staten Island , NY

A: Yes, depending on when you took it out, it should be included as income on your bankruptcy forms.

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