You can take penalty-free withdrawals from your IRA when you incur unreimbursed medical expenses that exceed 10% of your gross income; and you dont have to itemize your deductions to qualify for this exception. For example, say your gross income is $50,000 and your unreimbursed medical expenses are $9,000; multiply $50,000 by 10%, then subtract the result ($5,000) from your medical expenses ($9,000) to determine the amount you can withdrawal from your IRA penalty-free ($4,000). For more information about the requirements for this and other exceptions to the 10% early withdrawal penalty, please contact us.
Posted on: Mon, 12 May 2014 20:59:29 +0000
Trending Topics
Recently Viewed Topics
© 2015