Thread Options 
|
#1815225 - 05/17/13 01:00 PM
IRAs and college costs?
|
10K Club
Joined: Dec 2002
Posts: 40,766
Turnpike Exit 10
|
I haven't dealt with IRAs in years...
Am I allowed to use my IRA funds penalty free to fund my kid's college? Is it still taxable income?
Thanx!
_________________________
Get your facts first, then you can distort them as you please. - Mark Twain
|
|
Return to Top
|
|
|
|
|
#1815228 - 05/17/13 01:02 PM
Re: IRAs and college costs?
Retired DQ
|
10K Club
Joined: Jun 2004
Posts: 19,857
Pulling people out of the ditc...
|
I thought since the Northern Ireland Peace Accord that the IRA was basically defunct. I guess you can have them pay for little Nicky's school. They may require him at some point to plant a pipe bomb, but i guess you could discuss that when you talk repayment options.
_________________________
Providing alternative truths since the invention of time
|
|
Return to Top
|
|
|
|
|
#1815235 - 05/17/13 01:09 PM
Re: IRAs and college costs?
Retired DQ
|
10K Club
Joined: Jun 2004
Posts: 19,857
Pulling people out of the ditc...
|
that would be like working, strictly forbidden on Friday...sort of like why wouldn't you just yell at her from across the room to ask this question...
_________________________
Providing alternative truths since the invention of time
|
|
Return to Top
|
|
|
|
|
#1815238 - 05/17/13 01:12 PM
Re: IRAs and college costs?
Retired DQ
|
10K Club
Joined: Aug 2001
Posts: 21,939
Next to Harvey
|
So, you posted this here simply because you wanted to draw abuse?
IRA distributions to pay college tuition for a child come out penalty free, but not tax free. You will absolutely get hammered at the end of the year.
_________________________
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.
|
|
Return to Top
|
|
|
|
|
#1815243 - 05/17/13 01:15 PM
Re: IRAs and college costs?
Elwood P. Dowd
|
Power Poster
Joined: Jul 2008
Posts: 4,796
You are here
|
So, you posted this here simply because you wanted to draw abuse?
IRA distributions to pay college tuition for a child come out penalty free, but not tax free. You will absolutely get hammered at the end of the year. My guess is that she will be hammered at the end of the day 
_________________________
Opinions can be considered as coming from anywhere but my employer.
CAMS
|
|
Return to Top
|
|
|
|
|
#1815244 - 05/17/13 01:16 PM
Re: IRAs and college costs?
Retired DQ
|
Junior Member
Joined: Aug 2004
Posts: 38
The Sovereign State Of Oklahom...
|
Pretty sure this thread just picked up its own CIA satellite... ::Tippy-toes out of thread::
_________________________
Run like the wind, but never forget gravity. 
|
|
Return to Top
|
|
|
|
|
#1815246 - 05/17/13 01:17 PM
Re: IRAs and college costs?
edAudit
|
Platinum Poster
Joined: Jun 2003
Posts: 553
Memorial Stadium
|
So, you posted this here simply because you wanted to draw abuse?
IRA distributions to pay college tuition for a child come out penalty free, but not tax free. You will absolutely get hammered at the end of the year. My guess is that she will be hammered by the end of the day fixed
_________________________
Dear World: WE ARE BROKE!
signed: The American Public
So no more money for you...now most of you can hate us for free!
|
|
Return to Top
|
|
|
|
|
#1815247 - 05/17/13 01:19 PM
Re: IRAs and college costs?
Retired DQ
|
10K Club
Joined: Dec 2002
Posts: 40,766
Turnpike Exit 10
|
You guys are all a riot... Thanks for those who replied to the question.
_________________________
Get your facts first, then you can distort them as you please. - Mark Twain
|
|
Return to Top
|
|
|
|
|
#1815251 - 05/17/13 01:20 PM
Re: IRAs and college costs?
Retired DQ
|
Power Poster
Joined: Jul 2008
Posts: 4,796
You are here
|
You guys are all a riot... Thanks for those who replied to the question. you are welcome 
_________________________
Opinions can be considered as coming from anywhere but my employer.
CAMS
|
|
Return to Top
|
|
|
|
|
#1815274 - 05/17/13 01:35 PM
Re: IRAs and college costs?
edAudit
|
10K Club
Joined: Jun 2004
Posts: 19,857
Pulling people out of the ditc...
|
So, you posted this here simply because you wanted to draw abuse?
IRA distributions to pay college tuition for a child come out penalty free, but not tax free. You will absolutely get hammered at the end of the year. My guess is that she will be hammered at the end of the day oh Ed, don;t be so silly...there is no guessing involved with that statement
_________________________
Providing alternative truths since the invention of time
|
|
Return to Top
|
|
|
|
|
#1815275 - 05/17/13 01:35 PM
Re: IRAs and college costs?
Retired DQ
|
10K Club
Joined: Jun 2004
Posts: 19,857
Pulling people out of the ditc...
|
You guys are all a riot... Thanks for those who replied to the question. you're welcome, we help because we love you...
_________________________
Providing alternative truths since the invention of time
|
|
Return to Top
|
|
|
|
|
#1815297 - 05/17/13 02:18 PM
Re: IRAs and college costs?
Retired DQ
|
Power Poster
Joined: Nov 2001
Posts: 7,985
FINALLY ABOVE the gnat line
|
More and more colleges are offering on-line classes. I think that would be a good way to keep costs down for at least the 1st year of core courses. Let them actually move on campus when they begin working on their major. We have a lot of kids here who will be doing this. Dual enrollment in High school and college also helps. One of the girls graduating from HS will be entering college as a jr. Already has 2 years of college behind her that her parents didn't have to pay for.
_________________________
"Once you learn to read, you will be forever free."
- Frederick Douglass
My Opinion Only.
|
|
Return to Top
|
|
|
|
|
#1815299 - 05/17/13 02:21 PM
Re: IRAs and college costs?
Retired DQ
|
10K Club
Joined: Dec 2002
Posts: 40,766
Turnpike Exit 10
|
That is a great idea, walden. Nick is taking 3 AP classes next year, that should help.
_________________________
Get your facts first, then you can distort them as you please. - Mark Twain
|
|
Return to Top
|
|
|
|
|
#1815321 - 05/17/13 02:42 PM
Re: IRAs and college costs?
Retired DQ
|
Diamond Poster
Joined: Mar 2002
Posts: 2,355
The O.C., California
|
You can borrow for college but you can't borrow to fund your retirement.
_________________________
I can explain it to you. I can't understand it for you.
|
|
Return to Top
|
|
|
|
|
#1815324 - 05/17/13 02:44 PM
Re: IRAs and college costs?
Retired DQ
|
10K Club
Joined: Dec 2002
Posts: 40,766
Turnpike Exit 10
|
I know, gotta love it.
_________________________
Get your facts first, then you can distort them as you please. - Mark Twain
|
|
Return to Top
|
|
|
|
|
#1815328 - 05/17/13 02:45 PM
Re: IRAs and college costs?
Retired DQ
|
Power Poster
Joined: Jul 2008
Posts: 4,796
You are here
|
loan on a 401k?
_________________________
Opinions can be considered as coming from anywhere but my employer.
CAMS
|
|
Return to Top
|
|
|
|
|
#1815329 - 05/17/13 02:47 PM
Re: IRAs and college costs?
Retired DQ
|
10K Club
Joined: Dec 2002
Posts: 40,766
Turnpike Exit 10
|
it's being considered as well...
_________________________
Get your facts first, then you can distort them as you please. - Mark Twain
|
|
Return to Top
|
|
|
|
|
#1815396 - 05/17/13 04:27 PM
Re: IRAs and college costs?
Retired DQ
|
10K Club
Joined: Jun 2004
Posts: 19,857
Pulling people out of the ditc...
|
I'm surprised that he needs to get a college education, i thought sanitation engineers in NJ were all union...being Italian was the only prerequisite...
_________________________
Providing alternative truths since the invention of time
|
|
Return to Top
|
|
|
|
|
#1815401 - 05/17/13 04:30 PM
Re: IRAs and college costs?
Retired DQ
|
10K Club
Joined: Dec 2002
Posts: 40,766
Turnpike Exit 10
|
:stares:
_________________________
Get your facts first, then you can distort them as you please. - Mark Twain
|
|
Return to Top
|
|
|
|
|
|
Previous Thread
Index