Cashing in IRA
Jan 23, 2004
I am HIV/HCV+, was diagnosed with AIDS due to low CD4 count (which is now higher). Can I cash in some or all of my IRA without penalty? If so, how do I go about doing so. I am self-emplyed. Thanks.
Response from Ms. Franzoi
A distribution from an IRA that is attributable to an individual's disability is not subject to the 10% penalty but is subject to ordinary income taxes. Distributions that are part of a series of substantially equal periodic payments (not less frequently than once a year) made for the life of the individual aren't subject to the 10% penalty but are subject to ordinary income taxes. I suggest you discuss this with your accountant.
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