You'll need to sign in or create an account to connect with an expert.
Yes. If you are younger than 59 1/2, such withdrawal from a 403(b) account will be subject to the 10% early withdrawal penalty.
For qualified higher education expenses, only early withdrawals from IRA accounts are exempted from the penalty.
Please read this TurboTax article for more information.
Unfortunately, yes. The exception applies to withdrawals from IRAs, not qualified workplace plans. Even though these types of plans are similar, they are covered by difference sections of the tax law and some of the rules have important differences, like this one.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
ramaonline
Level 1
ualdriver
Level 3
ED001
Level 1
ALIKA027
Level 1
thomasshay
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.