Ira Withdrawal Medical Expenses
January 25th, 2007
Question: URGENT: tax question: IRA Withdrawal with medical exclusion. Is this also an itemized deduction? ?
I took an early IRA withdraw of $44,000. $32,000 was spent on medical expenses for my dependent mother. Can I take this as an itemized deduction in addition to excluding it from my tax penalty? I must file 9/22/08
Answer: 1. You must be able to claim your mother as a dependent for medical purposes on your tax return in order to put the amount on your schedule A.
2. Yes, you can list the amount on schedule A *and* use it to on form 5329 to avoid the 10% penalty. It’s not double dipping because it’s 2 different taxes.
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