IRA withdrawal provision for medical reasons
Im trying to find out for a client that I inherited regarding a provision to withdrawal from an ira for medical expenses, without having to pay the 10% IRS penalty
Im trying to find out for a client that I inherited regarding a provision to withdrawal from an ira for medical expenses, without having to pay the 10% IRS penalty
Permalink Submitted by mk foss on Wed, 2009-04-01 16:58
IRA withdrawals for medical expenses that exceed the 7.5% AGI limit are exempt from the 10% penalty. You don’t have to trace the withdrawals to the medical expenses but the medical expenses must occur in the same year as the withdrawal.