Can IRA distributions be used to pay for Medically Necessary LTC facility?
Client 85, her sibling 92, the 92 yr. old needly LTC/Room and Board due to disability. 92 year old getting Soc. Sec.
Can 85 year old provide $$ directly from IRA to facility to use toward RMD’s?
The 85 year old is providing OVER 50% of financial care for sibbling?
If no IRA benefit, can 85 year old deduct the cost of care and if so how?
Best and Thanks!
Larry Schuffman
Permalink Submitted by Alan - IRA critic on Wed, 2022-07-06 23:14
All distributions are applied to the annual RMD. And if client provides over 50% of siblings support the amount paid for siblings medical expense (includes nursing home expense) will be deductible deductible on Sch A. Itemized deductions must exceed the standard deduction to realize any tax benefit.