Qualified Deduction from IRA fo prior years

[scotttiger]

Hi,

I just discovered that one can take an early withdrawal from an IRA without the 10% penalty if you use it for qualified expenses for education.

1. Can the withdrawal be use for other members of the family? As in: Can a father pay for his children's costs, and can a spouse pay for the other spouse's education?

2. Can the deduction apply to a prior year's education expenses? I just learned about it, and I am not sure that the brokerage can make the disbursement by the end of this calendar year. Is the cut off for the disbursement for 2022 taxes December 31, 2022, or TaxDay in April 2023? (We can contribute to an IRA for the prior year up to tax day in the new year; would the same apply with disbursements to cover expenses in the prior year - that we could use a disbursement made up to April for the prior year's expenses)?

[Anonymous_]

@dmertz 

[scotttiger]

???

I went to dmertz' profile page, and went through about 10 pages of replies, but there are 2110 pages.

Could you reference which posting you are referring to?

Thanks,

Scott

[dmertz · Accepted solution]

1.  From IRS Pub 590-B:  The education must be for you, your spouse, or the children or grandchildren of you or your spouse.

2.  Qualified education expenses are those expenses paid during the same year as the year the distribution is made.  A distribution made in 2023 would have to be applied to qualified education expenses paid in 2023.

[scotttiger]

Thank you.

Clear, concise. Exactly what I needed.

[fanfare]

a lone user ID here has become a call for an expert on a topic to reply to you.

It is not an invitation for you to scroll through prior answers, (but many questions are repeated over and over)

@scotttiger