79 Years of age, Currently living in Assisted Living Facility. Any way I can use IRA Money to pay the cost on a tax free basis. ? I think Not...
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Too late now, but perhaps should have considered Long Term Care (LTC) insurance if tax factors were a consideration. Or an HSA, which is like a super IRA.
It's hard to see why tax-deferred retirement money would be made tax free merely by paying for a nursing home. And even if it was allowed, then wouldn't most everyone be doing it?"You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe Howard
"That's enough! When you didn't know what you were talking about, you really had something! [to Curly]" -Moe Howard -
You can deduct your medical expenses on Schedule A. That won't lower your state taxes, though. At 79.5 you save the 10% early withdrawal penalty. But you'll still owe income taxes.Comment
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