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Home financial budget Financial Planning financial planning process money saving ideas I'm planning to take money out of my IRA to pay for college tuition. How do I do this to avoid penalty?

I'm planning to take money out of my IRA to pay for college tuition. How do I do this to avoid penalty?

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I'm not sure if this is the subreddit, if not please feel free to direct me. From what I read on a blog, using money from an IRA to pay for college expenses can avoid the early withdrawal penalty. The main question that I have in mind is:

  1. How is this done to circumvent the early withdrawal penalty? Is everything calculated when I file for taxes? Or do I have to tell the brokerage firm (e.g., Vanguard, Fidelity, etc.) that it will be used for college expenses?


Submitted February 10, 2017 at 01:26AM by ayjayred http://ift.tt/2kVkHjg
financial budgetFinancial Planningfinancial planning processmoney saving ideas
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