Traditional IRA withdrawal for Education?

[scotttiger]

I read somewhere that one can take withdrawals penalty free from a traditional IRA for 1), a first time home buy, or 2) for education expenses.

Can someone confirm if the second option, for education expenses, is true? I have a daughter in college, a son in private school, and I have also started going back for a Master's degree, and it would be nice to know if this is a viable source to tap, if needed.

If true, what are the limits, and any restrictions.

[DoninGA · Accepted solution]

IRS Tax Topic - https://www.irs.gov/taxtopics/tc557

Exceptions to the additional 10% tax apply for early distributions that are:

• Not in excess of your qualified higher education expenses

IRS Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs), page 23 Higher Education Expenses - https://www.irs.gov/pub/irs-pdf/p590b.pdf#page=23

[scotttiger]

Perfect. Thank you.