IRA for College - Paying Qualified Education Expenses

Are you considering IRA withdrawals for college expenses? To get an IRA 10 percent penalty exception you must use the funds for qualified education expenses. Otherwise, the money you take from your IRA for higher education could cost you, not just in ordinary income taxes, but also a 10% early withdrawal penalty if you are under 59 ½. Using an IRA to pay for college is typically not an advisable option, but in the event you don’t have other options we hope to provide you with some information in this video that can help you determine if it is a strategy that might work for you by examining some of the requirements and pitfalls you may face.

https://www.irs.gov/taxtopics/tc557
https://www.irs.gov/credits-deduction...

🔴 SUBSCRIBE for more COMPLIMENTARY tips:    / @carlinfinancialgroup  
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
🤝BECOME OUR CLIENT:
It only takes 2 steps ➡️ https://www.livetodayplantomorrow.com/
1. Watch our complimentary (60min) Masters Academy to ensure retiring with confidence is something you are ready to commit to.
2. Once you watch the video you will be prompted to apply to become our client.
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
📲CONNECT WITH US ON SOCIAL MEDIA:
Instagram ➡️   / carlinfinancialgroup  
Facebook ➡️   / carlinfinancialgroup  
LinkedIn ➡️   / carlinfinancialgroup  
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
DISCLAIMER
**Investment advisory services offered through Foundations Investment Advisors, LLC, an SEC registered investment adviser.
All episodes recorded prior to August 16, 2023 were recorded while we were registered at a previous RIA. This information is not affiliated with or endorsed by the U.S. government or the federal Medicare program. Plans purchased after initial enrollment period are subject to eligibility requirements. Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions. The information and opinions in these videos are provided by third parties and have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by Advisors Excel. They are given for informational purposes only and are not a solicitation to buy or sell the products mentioned. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice to meet the particular needs of an individual's situation. 01022036 08/21