My son started medical school this fall. We, as parents do not want him to take loan. This means, we will be paying for his tuition. I plan to take gradual early withdrawals from my IRA accounts. My son is 24 now but he won't be 24 next year and the year after and so on. I know that I cannot claim him as a dependent after he crosses the age of 24. My question is, will my early withdrawals towards his medical school expenses be subject to 10% penalty, because he will no longer be claimed as a dependent on my taxes? I understand I will be paying taxes, of course.
