98425
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes - One Big Beautiful Bill on Aug 6! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

karendch
New Member

I used some of my early IRA withdrawal to pay for my son's college tuition. Does this count as a higher education expense to help lower my early withdrawal penalty?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
Phillip1
New Member

I used some of my early IRA withdrawal to pay for my son's college tuition. Does this count as a higher education expense to help lower my early withdrawal penalty?

Yes. The amount that you paid for your son's qualified education expenses can be used to help reduce the early withdrawal penalty from your IRA.

View solution in original post

3 Replies

I used some of my early IRA withdrawal to pay for my son's college tuition. Does this count as a higher education expense to help lower my early withdrawal penalty?

How is this entered into TurboTax?

I used some of my early IRA withdrawal to pay for my son's college tuition. Does this count as a higher education expense to help lower my early withdrawal penalty?

is this only waiving the early withdrawal penalty? what about paying tuition for a qualify dependent with the money you took out of your ira
Phillip1
New Member

I used some of my early IRA withdrawal to pay for my son's college tuition. Does this count as a higher education expense to help lower my early withdrawal penalty?

Yes. The amount that you paid for your son's qualified education expenses can be used to help reduce the early withdrawal penalty from your IRA.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question