Long Term Care IRA withdrawal

[Guest cjjaml2]

Can a individual over 59.5 take a tax free withdrawal from an IRA to pay for long term care premiums?

[QDROphile]

If a regular IRA has basis, the portion of the withdrawal that is basis is not subject to further taxation. That is a general rule that has nothing to do with what the money is used for.

[Appleby]

…so if the balance in your IRA is all pre-tax assets, any distribution will be subject to ordinary income tax. It any portion of any of your Traditional, SEP or SIMPLE IRA balance is post –tax (after-tax) assets, distributions will include a prorated amount of pre-tax and post tax assets. Since you mentioned age 59 ½, did you by any chance meant ‘penalty free’ instead of ‘tax –free’? If so, see page 48 of the 2004 version of IRS publication 590 at http://www.irs.gov/pub/irs-pdf/p590.pdf