Have a Finance Question? Ask a Financial Expert Online.
You won't qualify for Medicaid or QMB or any of the other Medicare Premium Savings Plans due to your IRA. The QMB asset limitations are quite low, less than $10,000. ($7,280. in 2016 for a Single individual) Medicaid limits are substantially less than that, depending upon your state as low as $2,000. +-
If you limit your IRA withdrawal to $10,000., based upon the limited information provided, your federal income tax would be zero -0-, as your Social Security benefits would not be taxable at that income level.
Please let me know if you have any follow-up questions.
Thanks for using JustAnswer.com
Just checking in..............
I see that you have had a chance to review my response & I'm sorry if the answer you received was not what you expected. However, I researched your question to confirm my understanding of the rules & unfortunately what counts for qualification for Medicaid or QMB is not the same as what is taxed or taxable for income tax purposes.
As I said, if you have any follow-up questions or if I may clarify anything for you, I would be happy to do so. In that connection, if you do not have any additional questions, please remember to rate my response (even if the answer isn't what you expected) as that is the only way I receive my share of the payment you already made to the site.
Thanks again & if I can assist you in the future, please ask for me by indicating "For Steve G" at the beginning of your question.
Questions? Or are you having problems with the rating system? I ask, because sometimes it acts up and is confusing when it isn't working properly. If that is the case here, you can just indicate your rating in works, hopefully good, very good or excellent, and I will receive credit for responding to your question.
There is no charge to provide a rating for me.
Just checking in.....................
I'd like to close out this question before the end of the month, if possible.
I would appreciate it if you would take a moment to let me know if I can assist you further and/or if you would provide a rating for my responses as indicated above.