Roth IRA cashed out to pay off daughter's Parent-Student school loan.

In 2024, I cashed out my ROTH IRA to pay off a Parent-Student school loan for 20K. The loan was in my name, but my daughter is the one who got the education. Turbo Tax is asking what I did what the money. Can I claim the deduction for the education expenses? My daughter is 38 years old now and files her own taxes.

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Roth IRA cashed out to pay off daughter's Parent-Student school loan.

Payments to satisfy a student loan are not education expenses that qualify for any deduction or penalty exception.

https://www.irs.gov/credits-deductions/individuals/qualified-ed-expenses

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Roth IRA cashed out to pay off daughter's Parent-Student school loan.

No, paying off a student loan is not a qualified education expense for the purpose of reducing or eliminating an early distribution penalty.

You would have needed to use the IRA funds to pay the tuition, fees, or related expenses for an eligible student.

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Intuit Approved!

Roth IRA cashed out to pay off daughter's Parent-Student school loan.

Payments to satisfy a student loan are not education expenses that qualify for any deduction or penalty exception.

https://www.irs.gov/credits-deductions/individuals/qualified-ed-expenses

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