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Making Cents: Just What the Tax Accountant Ordered

November 10, 1996

Individual retirement accounts become a bit more flexible in 1997. Anyone expecting high medical bills might want to plan ahead, because if medical expenses exceed 7.5% of adjusted gross income, a penalty-free withdrawal from an IRA can be made. Another provision allows withdrawals to pay for medical insurance if the person has been receiving unemployment compensation for at least 12 weeks.

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