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Article Date:
June 2009


Word Count:
532

 

 

Tax Penalty for Early Withdrawal of IRA Money Is Reduced for Medical Expenses


I arrived home to find that dreaded letter from the IRS telling me that I have “unreported income.”

 

Here’s what happened: I withdrew $22,000 from my individual retirement account to pay medical expenses. I was told by my insurance company, or so I understood, that the withdrawal from the IRA for medical reasons was not taxable. Believing that this distribution was not taxable, I did not report it to my tax preparer, who, in turn, did not report it on my ... Log in to view full article.

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