Follow
Share

I am Out of work, and taking care of my 89 year old mom.I removed 37,000.00 from retirement at the first of the year to live on to do this. Can I get any tax break?

This question has been closed for answers. Ask a New Question.
Find Care & Housing
At age 55, you can take distributions from your 401K retirement plan without penalty. But you will pay ordinary income tax on them unless you took your distribution from a Roth IRA. If you're under age 55, you'll pay a 10% penalty PLUS income tax on the withdrawal. You must be 59-1/2 to take distributions from a regular IRA account without penalty.

Here's a link that explains it in detail. (I am not an accountant.) Unless you can prove you are providing more than 1/2 of your mom's support, you cannot deduct her as a dependent.

moneyover55.about/od/preretirementplanning/a/401k-Retirement-Age-55-59-1-2-Or-70-1-2-Different-Rules-Apply.htm

(If the link isn't live, copy/paste into your browser address bar.)
Helpful Answer (0)
Report

This question has been closed for answers. Ask a New Question.