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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15747
Experience:  15years with H & R Block. Divisional leader, Instructor
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Any tax exclusions citizen that cashed in 2 IRA's

Customer Question

any tax exclusions for senior citizen that cashed in 2 IRA's in 2015 because they have a terminal illness (6 mos or less life expectancy). Had taxes completed but almost $15,000 tax liability at the present time.
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.
HelloThere is an exclusion for the 10% penalty for disability but not for distributions to avoid tax based on the situation. The IRA distribution is taxable even if made for disability reasons.The only time distributions are not taxable is when there is a basis in the IRA (an amount that was already taxed).I wish I could tell you differently.You are required to click a positive rating if I am to be credited with the response.You have to actively click on a rating and click submit. Smiley Faces or Stars.
Expert:  Robin D. replied 1 year ago.
Checking to see if you responded