03-16-2006, 05:21 AM
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 Re: IRA penalty exemption for medical expenses "Ted" <Ted[at]ixmil.com> wrote: - quote - > My wife closed out her IRA early. That would normally have
Go to Form 5329, where the penalty exception is calculated.> a 10% penalty, but our medical expenses in excess 7.5% of > our income exceeds the amount of the IRA, so there is no > penalty, right? > TaxCut asks for the "incorrect exclusion amount" without > defining it. I am guessing that it means the amount in > excess of my medical over 7.5% of my income. But that is > just a guess. Anyone know. -- Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
03-15-2006, 08:47 AM
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| IRA penalty exemption for medical expenses My wife closed out her IRA early. That would normally have a 10% penalty, but our medical expenses in excess 7.5% of our income exceeds the amount of the IRA, so there is no penalty, right? TaxCut asks for the "incorrect exclusion amount" without defining it. I am guessing that it means the amount in excess of my medical over 7.5% of my income. But that is just a guess. Anyone know. I have an unfortunate combination of low income, high medical expenses, and a tiny IRA. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| exemption, expenses, ira, medical, penalty |
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