topic early 401k withdrawal for school project in Education https://ttlc.intuit.com/community/college-education/discussion/early-401k-withdrawal-for-school-project/01/1157293#M27453 <P>My son attended an early college STEM high school. For his senior project (for a grade) we took money out of my 401k. The class was not a dual credit class, but was required to graduate. Can I claim the withdrawal as being for higher education?</P> Sat, 15 Feb 2020 03:11:10 GMT edsmith232 2020-02-15T03:11:10Z early 401k withdrawal for school project https://ttlc.intuit.com/community/college-education/discussion/early-401k-withdrawal-for-school-project/01/1157293#M27453 <P>My son attended an early college STEM high school. For his senior project (for a grade) we took money out of my 401k. The class was not a dual credit class, but was required to graduate. Can I claim the withdrawal as being for higher education?</P> Sat, 15 Feb 2020 03:11:10 GMT https://ttlc.intuit.com/community/college-education/discussion/early-401k-withdrawal-for-school-project/01/1157293#M27453 edsmith232 2020-02-15T03:11:10Z Re: early 401k withdrawal for school project https://ttlc.intuit.com/community/college-education/discussion/re-early-401k-withdrawal-for-school-project/01/1157331#M27454 <P>No.&nbsp;&nbsp; Only IRA's allow an exemption from the early distribution *penalty*, not the tax, for education.&nbsp; 401(k) distributions do not have an educational exemption.</P> Sat, 15 Feb 2020 03:22:06 GMT https://ttlc.intuit.com/community/college-education/discussion/re-early-401k-withdrawal-for-school-project/01/1157331#M27454 macuser_22 2020-02-15T03:22:06Z Re: early 401k withdrawal for school project https://ttlc.intuit.com/community/college-education/discussion/re-early-401k-withdrawal-for-school-project/01/1161429#M27455 <P>Thanks. I went back to my papers, and i have a simple IRA, not a 401k.</P> Sat, 15 Feb 2020 22:39:59 GMT https://ttlc.intuit.com/community/college-education/discussion/re-early-401k-withdrawal-for-school-project/01/1161429#M27455 edsmith232 2020-02-15T22:39:59Z Re: early 401k withdrawal for school project https://ttlc.intuit.com/community/college-education/discussion/re-early-401k-withdrawal-for-school-project/01/1161457#M27456 <BLOCKQUOTE><HR /><LI-USER uid="1250211"></LI-USER>&nbsp;wrote:<BR /> <P>Thanks. I went back to my papers, and i have a simple IRA, not a 401k.</P> <HR /></BLOCKQUOTE> <P>It would not qualify;</P> <P>&nbsp;</P> <P>Per the IRS in Pub 590B</P> <P>&nbsp;</P> <DIV id="en_US_2018_publink1000230921" class="section xmlbc_role"> <P class="inlinehd"><EM><STRONG>Eligible educational institution.</STRONG></EM></P> <P><SPAN class="inlinep"><EM>This is any college, university, vocational school, or other postsecondary educational institution eligible to participate in the student aid programs administered by the U.S. Department of Education. It includes virtually all accredited, public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. The educational institution should be able to tell you if it is an eligible educational institution.</EM> </SPAN></P> </DIV> Sat, 15 Feb 2020 22:44:39 GMT https://ttlc.intuit.com/community/college-education/discussion/re-early-401k-withdrawal-for-school-project/01/1161457#M27456 macuser_22 2020-02-15T22:44:39Z
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topic early 401k withdrawal for school project in Education
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<P>My son attended an early college STEM high school. For his senior project (for a grade) we took money out of my 401k. The class was not a dual credit class, but was required to graduate. Can I claim the withdrawal as being for higher education?</P>
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<P>My son attended an early college STEM high school. For his senior project (for a grade) we took money out of my 401k. The class was not a dual credit class, but was required to graduate. Can I claim the withdrawal as being for higher education?</P>
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<P>No.&nbsp;&nbsp; Only IRA's allow an exemption from the early distribution *penalty*, not the tax, for education.&nbsp; 401(k) distributions do not have an educational exemption.</P>
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<P>Thanks. I went back to my papers, and i have a simple IRA, not a 401k.</P>
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<title>Re: early 401k withdrawal for school project</title>
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<BLOCKQUOTE><HR /><LI-USER uid="1250211"></LI-USER>&nbsp;wrote:<BR /> <P>Thanks. I went back to my papers, and i have a simple IRA, not a 401k.</P> <HR /></BLOCKQUOTE> <P>It would not qualify;</P> <P>&nbsp;</P> <P>Per the IRS in Pub 590B</P> <P>&nbsp;</P> <DIV id="en_US_2018_publink1000230921" class="section xmlbc_role"> <P class="inlinehd"><EM><STRONG>Eligible educational institution.</STRONG></EM></P> <P><SPAN class="inlinep"><EM>This is any college, university, vocational school, or other postsecondary educational institution eligible to participate in the student aid programs administered by the U.S. Department of Education. It includes virtually all accredited, public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. The educational institution should be able to tell you if it is an eligible educational institution.</EM> </SPAN></P> </DIV>
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