M
Max
I'm self employed and put $1,000 into an IRA a couple years
ago. I never got around to setting up an account with a
brokerage and just left it in a savings account at my bank.
Needless to say, the value of my IRA has not been exactly
stellar. (The $1,000 has shrunk to $995 after all the
fees.)
I don't think an IRA is the best place for my $1,000 at this
time. I would be better off with that money invested in my
company or in a HSA (health savings account). At any rate,
I don't want it stuck in this IRA any longer.
I'm undergoing a dental procedure that will cost $3,500. I
paid $1,700 of that in December and will pay the balance in
Feb. I think I've read that if I have medical expenses of
7.5% (which $3,500 is) of my taxable income I can use the
IRA money for that expense without penalty. Is this
correct? And will that bill qualify if it is paid in two
tax periods?
If that isn't correct, what kind of penalty will I incur
dissolving my IRA?
Thanks.
ago. I never got around to setting up an account with a
brokerage and just left it in a savings account at my bank.
Needless to say, the value of my IRA has not been exactly
stellar. (The $1,000 has shrunk to $995 after all the
fees.)
I don't think an IRA is the best place for my $1,000 at this
time. I would be better off with that money invested in my
company or in a HSA (health savings account). At any rate,
I don't want it stuck in this IRA any longer.
I'm undergoing a dental procedure that will cost $3,500. I
paid $1,700 of that in December and will pay the balance in
Feb. I think I've read that if I have medical expenses of
7.5% (which $3,500 is) of my taxable income I can use the
IRA money for that expense without penalty. Is this
correct? And will that bill qualify if it is paid in two
tax periods?
If that isn't correct, what kind of penalty will I incur
dissolving my IRA?
Thanks.