The National Directory of Certified Public Accountants

Ask A CPA - IRAs - Traditional

IRA - Early Distribution For Medical Expenses

In the current year, you can receive an early distribution from your IRA to pay for your wife's medical expenses and will not be subject to a 10 % penalty on the amount that exceeds 10% / 7.5% of your Adjusted Gross Income. The money can be used to hire a nurse, pay for prescription drugs and other items such as hearing aids, dentures and eyeglasses.

If you need professional help with "IRAs - Traditional" or have other tax questions, we can help you find a local licensed CPA for a free, no-obligation consultation.