yesididit (yesididit) wrote in ssdi,

asset limits

i got a letter today from the county/state saying that my IRA (rolled over 401K) is now over the asset limits. so i guess i either have to cash it out or i lose my Medical Assistance.

does anyone have any experience with cashing out IRAs? its $20,000. if i cash it out early, i've heard taxes and penalties will cost me half that amount. thats ten grand i'll lose! and it'll screw up my taxes.

i dont know what i'm doing here, and the only advice from the county/state was that if i want to stay on MA, the IRA has to go. help?
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