I am currently pursuing business school and I was wondering if there is any issues with transferring my 401k to an IRA, and then withdrawing it immediately to pay off my tuition?
I do not want to pay the 10% withdrawal, but I understand I will need to pay off the withdrawal as normal income tax.
Is there a limit to the amount that I can pull out from the IRA? Is there a specific amount of time I need to wait? Am I required to pay back my IRA the money that I withdrew? What forms or documents should I be aware of when doing my taxes for this coming year?
