10% penalty exception for medical

Forum|Forum|6 years ago
May 20, 2020
7 replies
63 views

Does the 10%penalty exception on form 5329 for medical expenses over the 7-1/2% of income apply to the entire family’s or just the taxpayer who withdrew from his or her Simple IRA? Plan originated 5 years ago. 1099 shows "01" "Simple".

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Best answer by dkh

If I were preparing the return I would allow medical expenses for taxpayer, spouse and dependents claimed on the tax return.

dkhAnswer

Level 15

If I were preparing the return I would allow medical expenses for taxpayer, spouse and dependents claimed on the tax return.

H

holodeckAuthor

Level 3

That's my thinking too but I can't find a clear description not on the IRS website, 5329 instructions. Google has too much conflicting info. Thanks so much for taking the time to answer.

qbteachmt

Level 15

"Google has too much conflicting info"

But the IRS has specifics:

https://www.irs.gov/instructions/i5329

https://www.irs.gov/taxtopics/tc502

To determine whether an expense is deductible, see Can I Deduct My Medical and Dental Expenses? For additional information on medical expenses, including who qualifies as your dependent for purposes of this deduction, how to figure, and how to report the deduction on your return, see Publication 502, Medical and Dental Expenses.

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