IRAs - Traditional

IRA - Early distribution for medical expenses

Answer:

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.
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Answer Provided by: CPAdirectory

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