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Hi, I am 71 years old and would like to use my IRA to pay

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Hi, I am 71 years...
Hi,

I am 71 years old and would like to use my IRA to pay for some dental work. About $4000.00 worth.

Since I do not make the minimum tax deduction I would like to use my IRA to avoid paying income taxes on the $4000.00.

I know I can do this with a charity by having the check made out to them directly.

Cheers,
Connie
Submitted: 6 years ago.Category: Tax
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Answered in 1 minute by:
7/2/2011
Tax Professional: DanielleCPA, Certified Public Accountant (CPA) replied 6 years ago
DanielleCPA
DanielleCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 794
Experience: Years of Experience in Business & Personal Taxes
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DMC :

Hi and welcome to Just Answer! I'm happy to help with your tax questions. Feel free to interject at any time if you need clarification.

DMC :

While there is an exception that you can make a contribution to a charity from your IRA tax-free, no such exception exists for medical expenses.

DMC :

You would be able to deduct the dental work on Schedule A as medical expenses, but keep in mind that medical expenses can only be deducted to the extent they exceed 7.5% of your adjusted gross income.

DMC :

And you must be able to itemized deductions to receive any benefit.

DMC :

The IRA money will be taxable.

Customer:

Hi,

Customer:

I though I would have to itemize the deduction. I have minimum deductions and fairly hi income.

Customer:

I guess I'll just have to bit the bullet and pay thanks.

DanielleCPA
DanielleCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 794
Experience: Years of Experience in Business & Personal Taxes
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