Ira Withdrawal Medical

September 2nd, 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..

Answer: back to the question no you must pay the penalty!!! nice try!!!

The Faces of Aurora: Dr. Ira Byock