Guest jonesey87 Posted September 1, 2002 Posted September 1, 2002 Can you withdraw money for education(college) without penalty?
Guest franky Posted September 3, 2002 Posted September 3, 2002 A Roth IRA distribution that is used for qualified higher education expenses is penalty free. However, the portion of the distribution that represents earnings is taxable unless the distribution is qualified. A Roth IRA distribution is qualified if it is past the initial 5-year period and one of the following four conditions exist: 1. the owner is at least age 59 1/2, 2. the owner is disabled, 3. the owner is deceased, or 4. the owner is a qualified first-time home buyer.
John G Posted September 4, 2002 Posted September 4, 2002 Were you thinking of the Roth education IRA? Recent legislation created a college savings IRA for children. While it is not likely to allow many families to set aside a large enough pool of funds, it has some advantages.
Guest franky Posted September 5, 2002 Posted September 5, 2002 What is a Roth education IRA? Are you referring to a Coverdell Education Savings Account?
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