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bizman999
New Member

I took an early distribution from my IRA to pay for my sons(11th grade) summer school. Do I have to pay tax on that?

it was for tuition and supplies
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LindaA
Expert Alumni

I took an early distribution from my IRA to pay for my sons(11th grade) summer school. Do I have to pay tax on that?

Early IRA distributions are subject to an additional 10% tax unless an exception applies. There is an exception if the distribution is used for higher education expenses. High school education expenses do not qualify.


Are there exceptions to the early distribution penalty on an IRA?  https://ttlc.intuit.com/replies/3301632

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1 Reply
LindaA
Expert Alumni

I took an early distribution from my IRA to pay for my sons(11th grade) summer school. Do I have to pay tax on that?

Early IRA distributions are subject to an additional 10% tax unless an exception applies. There is an exception if the distribution is used for higher education expenses. High school education expenses do not qualify.


Are there exceptions to the early distribution penalty on an IRA?  https://ttlc.intuit.com/replies/3301632

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