March 06th, 2016

TAX TIP OF THE DAY...  early IRA distributions for college  

You can eliminate the 10% early withdrawal penalty on IRAs if used for qualified higher education for the taxpayer, taxpayer's child or grandchild.
1) rollover 401k, 403(b) and other pension plans to IRA's in order to use the college exceptions.  The college exceptions ONLY APPLY TO IRAs!
2) no penalty... for tuition
3) no penalty... for books & supplies
4) no penalty... for room & board
5) no penalty... for technology (computers, tablets, phones, internet)

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If you need any help... www.baboiancpa.com