Hello,
I am 55 years old. Can you tell me if I can withdraw form my roth ira without penalty if it's used for medical expenses that are at least 7.5% of my income, and it's for an elective surgery? Thank you!

Normally, withdrawals from a ROTH IRA will NOT be taxable unless it is within five years of when the ROTH IRA was established, even if the withdrawal is before your 59.5 age mark.

As for withdrawals for medical expenses, the medical procedure MUST qualify for the medical deduction, and some elective procedures do NOT.

What is the NATURE of the medical procedure?

Normally, withdrawals from a ROTH IRA will NOT be taxable unless it is within five years of when the ROTH IRA was established, even if the withdrawal is before your 59.5 age mark.

As for withdrawals for medical expenses, the medical procedure MUST qualify for the medical deduction, and some elective procedures do NOT.

What is the NATURE of the medical procedure??

Hi Atlanta,
Thanks for answering. There's probably no way... it's for cosmetic surgery. Oh well, can't blame a girl for trying! Also, I've only had my account for 2 years, so it sounds like I would have to pay taxes on my contributions, and early withdrawal penalties. Is that right?

If the withdrawal amount is used to pay for qualified medical expense above 7.5% of your adjusted gross income (AGI) then it is not subject to the 10% early withdrawal penalty. The math is this: the distribution amount must be less than your medical costs minus 7.5% of AGI. However, be aware that since you are under age 59-1/2 the portion of the distribution that is attributable to earnings is taxable as ordinary income. For reference see Chapter 2 and especially page 62 of IRS publication 590:

http://www.irs.gov/pub/irs-pdf/p590.pdf