Rustic23
Thinks s/he gets paid by the post
We self-fund LTC. My question, however, is A. Take the funds from Taxable accounts, or B. Take the funds from IRAs.
I figure that money spent on LTC would be tax deductible. So while we do not have to make this decision yet, it would appear better to take the money out of IRAs and reduce the tax on this withdrawal to zero or close to it. On the other hand, taking it out of taxable accounts lowers current tax. As we are both over 70, RMD's are mandatory either way.
I figure that money spent on LTC would be tax deductible. So while we do not have to make this decision yet, it would appear better to take the money out of IRAs and reduce the tax on this withdrawal to zero or close to it. On the other hand, taking it out of taxable accounts lowers current tax. As we are both over 70, RMD's are mandatory either way.