IRA Early Withdrawal Penalty Exemption for Medical Expenses

MontequiR23 · ‎August 11, 2021

Anyone know whether the early withdrawal for medical expenses has to be specifically for the owner of the IRA? Or can the funds be used to pay medical expenses for the spouse and their children?

macuser_22 · ‎August 11, 2021

Medical expenses that you pay for yourself, spouse or dependents. However, only the amount that exceeds 7.5% of your AGI can be claimed.

See IRS Pub 590B for details.

https://www.irs.gov/publications/p590b#en_US_2020_publink1000230910

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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macuser_22 · ‎August 11, 2021

Medical expenses that you pay for yourself, spouse or dependents. However, only the amount that exceeds 7.5% of your AGI can be claimed.

See IRS Pub 590B for details.

https://www.irs.gov/publications/p590b#en_US_2020_publink1000230910

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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IRA Early Withdrawal Penalty Exemption for Medical Expenses