Will IRS take away my IRA?

Question

The whole story
 Many years ago I lost my business and owed the IRS about 10 grand. The irs reviewed my situation and said I was a hopeless cause.  I have struggled ever since up till this year when I hit a decent poker tournament. I have paid my quarterly taxes for this.   I am over 50 years old and  do not have an ira and would like to open an ira  to save money on this years taxes . My questions are, when is the latest I have to deposit the money to get credit for 2011 taxes and the more important question is would the irs take away my IRA for back taxes if that is all I have?

? · Accepted Answer

Poker winnings would NOT be qualified earned income for the purpose of creating and IRA account at this time in your life.
Hope that you find the above enclosed information useful. 12/23/2011

tro · Answer

you only can contribute to an IRA based on earned income, winning at the casino doesn't comply

Anonymous · Answer

Gambling is not earned income so you can't contribute to an IRA. Sorry.

Spock (rhp) · Answer

1.  the last day is the day you must file your 2011 taxes ... April 15th, 2012.

2.  yes.  your debt to the IRS, if you weren't given a release, takes precedence over any other use of unrestricted funds, which these are.

Hannah · Answer

You deserved it idiot!

Will IRS take away my IRA?

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