My dad has investments with IRA and is afraid he will be taxed if he uses this money to pay for his assisted living care.
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I think that the best solution here is just to call the IRS. I'm not aware of all the tax laws, and wouldn't want to give you false information. Hope this helps though, good luck.
answered 6 months ago
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He will be taxed on the withdrawals if he deducted the contributions from income when the contributions were made. He is required to make mandatory withdrawals and should have received notice of this fact based on his age. This is in most instances the general rule. It is difficult to answer this questions without knowing more specifics to his situation; as such it is advisable that you seek out a qualified CPA, attorney or similar professional to advise you in this situation. The above is the general rules for such a situation and even though the IRA withdrawals most likely will be taxable to him there may be offsets that can minimize any tax effects.
answered 6 months ago
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