Early IRA penalty exception

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  • Greenbriar
    Senior Member
    • Jun 2007
    • 189
    #1

    Early IRA penalty exception

    Would appreciation your confirmation on this. TTB chapter 13 Retirement, etc., page 13-3, exception #8, higher education expenses. No exception for 401(k) and qualified plans, yes for IRA's, SEP, Simple and SARSEP plans. Thanks.
    Tags: None
    • TAXNJ
      Senior Member
      • Jan 2007
      • 2106
      #2
      Yes as stated.

      also stated “Caution: To qualify, expenses must be paid in same year as IRA distribution. (Duronio,T.C. Memo. 2007-90)”

      also shown on IRS website

      https://www.irs.gov/retirement-plans...-distributions
      Last edited by TAXNJ; 10-17-2020, 12:04 PM.
      Always cite your source for support to defend your opinion

        Comment

        • Greenbriar
          Senior Member
          • Jun 2007
          • 189
          #3
          Thanks, TAXNJ, even better site.

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