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I HAVE MEDICAIDE.I want to sell my house and move into a…

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i HAVE MEDICAIDE.I want to...
i HAVE MEDICAIDE.I want to sell my house and move into a condo purchased by my daughter.
Submitted: 2 years ago.Category: Finance
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Answered in 1 hour by:
2/18/2016
Financial Professional: Lev, Tax Preparer replied 2 years ago
Lev
Lev, Tax Preparer
Category: Finance
Satisfied Customers: 32,838
Experience: Personal Investment, Tax Preparation
Verified

You woudl need to report sale proceeds to Medicaid.

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Financial Professional: Lev, Tax Preparer replied 2 years ago

You can receive tax-free distributions from your HSA to pay or be reimbursed for qualified medical expenses you incur after you establish the HSA. If you receive distributions for other reasons, the amount you withdraw will be subject to income tax and may be subject to an additional 20% tax.

That is regardless of your disability - but the key in determination is - if funds were used for qualified medical expenses.

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Financial Professional: Lev, Tax Preparer replied 2 years ago

Your assessments are correct.
However - the administrator of that life insurance policy is not in the position to determine disability - so they are OK.

Regarding distribution code I woudl expect to see "2" as the person is above 59 1/2 - but that woudl not affect your filing - just do not calculate any penalty.

Because of age - there will not be any issues.

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Financial Professional: Lev, Tax Preparer replied 2 years ago

Regarding taxable amount - you are correct.

See page 22

https://www.irs.gov/pub/irs-pdf/p525.pdf

Surrender of policy for cash. If you surrender
a life insurance policy for cash, you must include
in income any proceeds that are more
than the cost of the life insurance policy. In most
cases, your cost (or investment in the contract)
is the total of premiums that you paid for the life
insurance policy, less any refunded premiums,
rebates, dividends, or unrepaid loans that were
not included in your income.
You should receive a Form 1099-R showing
the total proceeds and the taxable part. Report
these amounts on lines 16a and 16b of Form
1040 or on lines 12a and 12b of Form 1040A.

.

So you would need to determine the taxable amount on your own OR you woudl need to contact the sender asking for corrections.

.

I appreciate if you take a moment to rate the answer.
Experts are ONLY credited when answers are rated positively.
If you still have any doubts, need clarification - please be sure to ask.
I am here to help you with all tax related issues.

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Lev
Lev, Tax Preparer
Category: Finance
Satisfied Customers: 32,838
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