Early IRA Withdrawal~Medical Hardship CT

[lucyscap]

CONNECTICUT
Is there any consideration with respect to Connecticut Income Tax if an early withdrawal of personal IRA is made for medical hardship (child's medical ins/bills)? Thank you.

 

[LdiJ]

CONNECTICUT
Is there any consideration with respect to Connecticut Income Tax if an early withdrawal of personal IRA is made for medical hardship (child's medical ins/bills)? Thank you.

I don't think that we have anyone from Connecticut who posts here. It would be best to consult a local tax professional if you have Connecticut state tax questions.

On a federal level the income can be excepted from penalty, but not from tax, however if you are able to itemize and the expenses exceed 7.5% of your adjusted gross income you can deduct some of the expenses on Schedule A.

 

[lucyscap]

Thanks so much for taking the time to reply to my inquiry---will follow your advice ;-)

 

[davew128]

My recollection is that its irrelevant on a CT 1040. There is no state penalty nor are there itemized deductions allowed.