Early withdrawal from IRA

Submitted by Robert Wright on Fri, 2015-05-08 10:47

I’m 54 years old (under 59 1/2)

If I take an early withdrawal from my Traditional IRA to pay for my child’s college costs, will I have to pay the 10% penalty for early withdrawal?

I looked in IRS Pub 590 and one of the exceptions to the Age 59 1/2 rule is:

“The distributions are not more than your qualified higher education expenses.”

My questions arises because the wording in Pub 590 says “your” education expenses; it does not say the education expenses of your children.

Thank you in advance for your help.



Submitted by Alan - IRA critic on Fri, 2015-05-08 15:21

The higher education penalty exception is very broad. It covers the expenses of yourself, spouse, your children or you spouse’s children or your grandchildren or your spouse’s granchildren. See p 25 in Pub 590 B.

Submitted by Robert Wright on Fri, 2015-05-08 18:56

Thanks as always.

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