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darlamaggard2327
New Member

Ive filed a short term disability claim. Can I withdraw from an ira and still receive short term disability pay? I’ve asked both companies and neither one knows. I don’t want to lose my shor

I’ve hurt my foot and put a claim in for short term disability benefits. Can I withdraw from my ira to help cover expenses while I’m off work? I’ve asked both companies and neither one
2 Replies
SweetieJean
Level 15

Ive filed a short term disability claim. Can I withdraw from an ira and still receive short term disability pay? I’ve asked both companies and neither one knows. I don’t want to lose my shor

You should be able to do so, as that is no different than withdrawing savings, selling stock, etc. It is not income from working.

Hal_Al
Level 15

Ive filed a short term disability claim. Can I withdraw from an ira and still receive short term disability pay? I’ve asked both companies and neither one knows. I don’t want to lose my shor

That's not really a tax question.  So, this might not be the right forum. That said, I agree with SweetieJean, I don't think it's a issue at all and am surprised that  the short term disability insurer couldn't answer it.

But, one tax issue you need to be aware of: SHORT term disability does NOT qualify as an exception the 10% early withdrawal (before age 59.5) penalty. "A disabled individual, for this purpose, is one that is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or to be of long-continued and indefinite duration.”
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