Dear Community,
I have a need to take funds (10K) from my 401K or Roth IRA Investment account to help with Daugter's college tuition fee. I have checked to make sure the $10,000 will not increase my AGI "married filing jointly" and put me a higher tax bracket. I will still stay on the 22% tax bracket. Now, my questions that I want to get help on is that,
since this is for Higher Education,
I don't have to not have to pay 10% early withdrawal fee, but I do have to worry about paying taxes on the 10K?
Please, can you clarify if this applies to both 401K and also the ROTH IRA account. Is there any tax advantage to taking the withdraw from 401K versus the ROTH IRA account?
You answer is much appreciated in advance.
Regards,
Humble TurboTax User
