my wife has a catastrophic illness and has to draw upon her IRA. How will this affect our taxes filing jointly

my wife has a catastrophic illness and has to draw upon her IRA. How will this affect our taxes filing jointly
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Answer :

You may be safe from paying a tax. People may need to tap into their individual retirement account before turning age fifty-nine and a half. Withdrawing money before that age subjects the funds to an additional 10% tax. Withdrawing funds after that age, there's no additional tax penalty. This additional levy can be avoided under the following circumstances: You had a "direct rollover" to your new retirement account, You received a lump-sum payment but rolled over the money to a qualified retirement account within 60 days, You were permanently or totally disabled, You were unemployed and paid for health insurance premiums, You paid for college expenses for yourself or a dependent, You bought a house for the first time You paid for medical expenses exceeding 7.5% of your adjusted gross income, or The IRS levied your retirement account to pay off tax debts. Read more: http://taxes.about.com/b/2008/09/22/taking-early-distributions-from-an-ira.htm
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Related questions

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