Is it possible to borrow money against an IRA or retirement annuity to payoff a huge IRS/FTB tax bill without being hit with withdrawal taxes?
It seems the cycle each year is continuous, I'm retired, do not work or own property so now I owe taxes each year. I've withdrawn from my IRA for taxes the last couple of years but my adjusted gross income never goes down and I'm taxed and taxed like a vicious cycle. Can I ever get out of owing taxes while still trying to survive in a pension which is taxable too? What a nightmare. How do I get out of this cycle? Are there loans available to ease some of this stress? Thank you