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New Member
posted Jun 4, 2019 11:52:10 AM

Can I withdraw money from my IRA I qualify because I have medical bills and personal property tax due. And if I do pull money how late do I can put it on next year taxes.

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3 Replies
Level 15
Jun 4, 2019 11:52:12 AM

First of all it goes on your tax return for the year you take it out.  So if you withdraw it by Dec 31 it goes on 2017.  After Jan 1 it goes on next year's 2018 return We file in 2019.

You will pay tax on a Traditional IRA distribution. It will add to your other income and may push you into a higher tax bracket.   If you are under 59 1/2 there is also a 10% Early Withdrawal Penalty unless you have an exception.  I believe medical is an exception.  See IRS publication 590B for IRA Distributions
<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/p590b.pdf">https://www.irs.gov/pub/irs-pdf/p590b.pdf</a>

Level 15
Jun 4, 2019 11:52:13 AM

Only unreimbursed medical expenses that exceed 10% of AGI are exceptions to the early distribution penalty.

Level 15
Jun 4, 2019 11:52:14 AM

All withdrawals from an IRA or taxable as ordinary income as of the date that you actually receive the money. All withdrawals made before the age of 59 1/2 are subject to an additional 10% penalty unless you qualify for a penalty exception.   One of the exceptions is in medical expenses but only when they are more than 10% of your adjusted gross income.