Exception to Early Withdrawal Penalty
If a person is under 59 1/2 with an AGI of $50K and takes a withdrawal from her IRA of $10K to pay unreimbursed medical expenses, how much of that $10K is not subject to the early withdrawal penalty?
If a person is under 59 1/2 with an AGI of $50K and takes a withdrawal from her IRA of $10K to pay unreimbursed medical expenses, how much of that $10K is not subject to the early withdrawal penalty?
Permalink Submitted by Jose Morales on Fri, 2015-05-29 20:32
Page 22 of Publication 590b has the information you are looking for: http://www.irs.gov/pub/irs-pdf/p590b.pdf Not more than, the amount paid for unreimbursed medical expenses during the year of the distribution minus 10% of adjusted gross income for the year of distribution.
Permalink Submitted by Anthony Zalesky on Fri, 2015-05-29 20:47
Pg. 24. I was hoping you would have provided the $$ amount. I believe it to be $5K