Ira Withdrawal Unemployed
August 24th, 2007
Question: Regular IRA Early Withdrawal??
my annual income for 2007 is $60,000. I’m still employed but I buy my own health insurance and my employer doesn’t re-emuburse it.
I paid 12X$300 =$3,600 so far and I have incured a medical bill for about $3,000; Total $6,600, greater than 7.5% of AGI
1.I have a rollover IRA which is hard to manage ($4000) and I would like to withdraw it bcz of above situation.Can I avoid 10% extra tax..
2.Do I have to take the distribution by the end of year, incase I can claim the above health care expense?
How much can I withdraw without penalty?
friend of mine says I need to be UNEMPLOYED TO CALIM HEALTH INSURANCE PREMIUM?
Can I claim any of the above health care expense during my next Tax filing. Every year I use only standard deduction..
Any help is greatly appreciated..
Can I also claim supplemental insurance premiums like Dental & Accidental policies??
Answer: The only way you can withdraw qualified money prior to 59 1/2 without paying the penalty is by using “72t” or “72q”. Go to www.irs.gov, or better yet talk to an accountant.
ira part 3
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