where to show IRA cashout

Discussion in 'General Discussion' started by tonyb, Nov 11, 2013.

  1. tonyb

    tonyb Newbie

    my mom has an IRA that we cashed out to offset the difference between her monthly income and the monthly cost of the Assisted living facility she will be going to. She is next on the list and the facility person says it should be by the first of December as a couple residents are leaving to go live with family. She is living at home right now and my 2 brothers and i see or call her throughout the day. one of us stops by daily to cook her meals, check on her meds, etc. I started the paperwork process a couple of weeks ago and am now STRUGGLING with 21-534. Seems every time i look at it i find something i think is in the wrong column or the wrong section. LORD HAVE MERCY!! Gonna get my eyes checked when this is over. Hopefully i will have all of my poop in a group to send in the packet by the first of the month.

    My question is where do i show the IRA cashout? right now i have it in sectionVII line 33b. I also assume i have to show it as countable income. Is that correct? if not PLEASE HELP!!! I am going wacko trying to figure it out.

    Also, TREMENDOUS THANKS go out to you folks for this website. It has gotten me this far. I am on it almost every night. my wife peels me away from it to go to bed, sometimes in the wee hours of the morning. THANK YOU!!!
     
  2. vetadmin

    vetadmin Administrator Staff Member

    Tony,

    You're welcome. You do need to show it as income.

    You do not want to send the application off until she is actually paying someone or a facility for her care as you won't have any "allotted expenses" to back out. You can send in an informal claim that will start the effective date, which will give you up to a year to submit the completed application.
     
  3. tonyb

    tonyb Newbie

    THANK YOU!!! Folks, this is what this website is for and why it is such a VALUABLE tool for dealing with the prospect of filing for benefits. I thank you folks again.
     

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