Deductions for education from a Roth IRA

[Guest Kim Brittain]

I cannot find specifics about "qualified" deductions for education expenses. I would like to use my Roth IRA funds to help fund my kids' college tuition in 10 years but I can't tell if my kids' education qualifies. A Yahoo! contributor writes: "The expenses must be incurred by one of the following: you, your spouse, your spouse's children, your grandchildren or your spouse's grandchildren". What about MY children?

[Guest Del Rae]

Kim,

The actual IRC Section reads "for education furnished to (i) the taxpayer, (ii) the taxpayer's spouse, or (iii) any child (as defined in section 151©(3)) or grandchild of the taxpayer or the taxpayer' spouse"... so definitely your children.

"Qualified higher education expenses" is defined in IRC 529(e)(3) which basically means tuition, fees, books, supples and equipment required for enrollment or attendance at an eligible educational institution.

Sorry about the code section jargon, but I thought you'd want authoritative stuff after getting mixed messages before.