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I recently inherited an IRA from My deceased spouse.. worth…

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I recently inherited an...

I recently inherited an IRA from My deceased spouse.. worth about 50,000. i am now responsible for Her non covered medical bills to the tune of 65,000. Will I need to withold taxes out of the original IRA? Can I write off these medical bills on My 2018 Taxes?

Submitted: 3 months ago.Category: Tax
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Answered in 3 minutes by:
3/29/2018
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,677
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. My name's Lane - I hold a law degree, with concentration in tax law, corporate law and Pension & retirement plans. … an MBA in Finance, and a BBA, (and hold CFP and CRPS designations as well).

I’ve been providing Social Security and Medicare advice (along with private pension and retirement plans as well) since 1986

...

I'm reading you question now - Bear with me a second while type up my response. Then if you still have question we can go from there.

Please let me know if you have ANY questions at all before rating me.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago

You do NOT need to withhold taxes. If this were a workplace plan covered by ERISA such as a 401(k) or pension plan, there would be a forced 20% withholding.

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But this is not the case for IRA's

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And yes you will be able to deduct the medical charges (yourself, spouse, dependent) on schedule A.

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There WILL, however, be a floor of 7.5% of AGI for these and any other medical deductions.

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Said differentlly, you can deduct all medical expenses over 7.5% of your AGI

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago

Please let me know if you have ANY questions at all before rating me.

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But if this HAS fully answered your question, I'd appreciate a positive rating by using those stars on your screen,

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That's the only way JustAnswer will compensate me for the work here.

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But again, if you need more on this, let me know,

Lane

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Customer reply replied 3 months ago
I should have said: " Will I be able to deduct these costs on My 2019 Federal taxes"... not 2018....
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago

The costs must be deducted in the year incurred.

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As cash basis/calendar year taxpayers the deductions we report have to have been incurred during the tax year they are being reported.

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So sorry, if that's not good news for you.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 3 months ago

One final point. In most situations, friends and relatives are not responsible for the decedent’s bills if there is not enough money to pay them. In fact, it is illegal for creditors to try to collect the deceased person’s debts from anyone else.

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There is an exception, however, if the decedent was your spouse and you live in a community property state.

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The community property states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. Spouses in Alaska can also declare that certain assets are community property assets.

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