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- Title
Financing the Medical Expense Deduction for Families with Special Needs Children.
- Authors
Brinker, Jr., Thomas M.
- Abstract
The number of children diagnosed with autism, Asperger's syndrome, and other intellectual disorders continues to skyrocket. A previous column [Brinker, Journal of Financial Service Professionals 65, No. 5 (2011): 16-18] highlighted that parents with special needs children are often unaware of the substantial tax benefits available to them and often forgo hundreds, if not thousands, of dollars of potential tax deductions. Although the focus in the 2011 column was on the expanded definition of medical care as a deduction for families, another reality inevitably surfaces: finding the wherewithal to finance these expenditures. Parents of special needs children quickly discover that medical care expenditures for a special needs child can prove astronomical. As a result, parents and their financial advisors need to become familiar with some unusual IRC provisions that may assist and/or hinder their process. This article focuses on two common resources often utilized in financing medical care: home equity loans and retirement plan and individual retirement account distributions. This article will also illustrate the impact of the alternative minimum tax in planning for the financing of such unreimbursed medical expenses.
- Subjects
UNITED States; INCOME tax deductions for medical expenses; CHILDREN with disabilities; FAMILIES of people with disabilities; AUTISTIC children; ASPERGER'S syndrome in children; FINANCIAL planners; HOME equity loans; PENSIONS; INDIVIDUAL retirement accounts; GROSS income; ALTERNATIVE minimum tax; TAX benefits
- Publication
Journal of Financial Service Professionals, 2015, Vol 69, Issue 1, p73
- ISSN
1537-1816
- Publication type
Article