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Lev
Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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I am on disability and have been since 1990. I am 51 years

Resolved Question:

I am on disability and have been since 1990. I am 51 years old. What do I need to not be penalized on withdrawing my IRA? It is all in gold and silver. How does that work, as well?
Submitted: 12 months ago.
Category: Tax
Expert:  Lev replied 12 months ago.

Lev :

Hi and welcome to our site!
As long as you are disabled - there is no penalty for IRA distributions.
You might want to inform the administrator of your IRA about your disability to the distribution will be reported properly.

Customer:

Is PPT and collecting social security disability considered disabled? Where does that go on my tax return when I get my IRA?

Lev :

When distribution is reported on form 1099R - the distribution code in box 7 should be "3" -Disability.

Customer:

Also, would my status change from disabled to retired if I cashed in my IRA?

Customer:

This matters as I also receive benefits from workmans comp. If I am considered retired, they will no longer pay me benefits.

Lev :

Generally IRS definition for disability is different from SSA - but if you are disabled for SSA purposes - there should not be any issues to consider yourself disabled for IRS purposes.

Lev :

Also, would my status change from disabled to retired if I cashed in my IRA?
There is no such "status" - your filing status will be either Single or Married, etc.
In this case Disability - is distribution code that automatically exclude you from penalties regardless of your age.

Customer:

What kind of penalty would there be to cash in an IRA made up of gold and silver for someone who is not disabled and is under 59? Is it 10 percent of the melt value, or ten percent of the coin value on that day? How is it determined?

Lev :

Yes - generally if distribution from IRA are made before age 59 1/2 - there would be 10% penalty - unless any exemption could be claimed.
It is determined based on the amount distributed. If distributed assets - the fair market value of such assets would be considered as the amount distributed.

Customer:

Also, how does this site work as far as payment? If I get a free trial and don't want it any longer, how do I cancel? How much is charged for your help? Is it part of the trial or a separate charge? If you can't answer, is there a number I can call?

Customer:

Thank you. :)

Lev :

Please be aware that experts do not have access to your account - and all payments options, subscription and cancellations should be directed to customer service.
I simply do not know - sorry for that - and may address only your tax related questions.
You may contact the customer service from this page - http://ww2.justanswer.com/help

Lev :

Here are phone contacts - http://ww2.justanswer.com/phone

Lev :

Here is the phone contact in the US - _1_888_862_9212_

Customer:

ok Thanks.

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22834
Experience: Taxes, Immigration, Labor Relations
Lev and 2 other Tax Specialists are ready to help you

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