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I had an early distrubtion of my IRA for college tuition. I put the amount in 11a of my 1040A. Is there a code for education expenses so I would elimiate or lower my taxable amount?

Submitted: 663 days and 12 hours ago.

Category: Tax

Value: $15

Status: AWAITING CUSTOMER ACTION

Answer

To claim the exception to the 10% early withdrawal penalty you will have to file Form 5329 with your return. The code that you should enter on Line 2 of the form is 08.
http://www.irs.gov/pub/irs-pdf/f5329.pdf
http://www.irs.gov/pub/irs-pdf/i5329.pdf

Accepts:
Expert:	Bill
Pos. Feedback:	99.6 %
Answered:	1/30/2008

Enrolled Agent

EA, QPA, CHFC, CEBS, CLU - 29 years experience providing financial advice

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Tax

Have your own Tax question?

Question

I had an early distrubtion of my IRA for college tuition. I put the amount in 11a of my 1040A. Is there a code for education expenses so I would elimiate or lower my taxable amount?

Answer

To claim the exception to the 10% early withdrawal penalty you will have to file Form 5329 with your return. The code that you should enter on Line 2 of the form is 08. http://www.irs.gov/pub/irs-pdf/f5329.pdfhttp://www.irs.gov/pub/irs-pdf/i5329.pdf

Related Tax Questions

To claim the exception to the 10% early withdrawal penalty you will have to file Form 5329 with your return. The code that you should enter on Line 2 of the form is 08.
http://www.irs.gov/pub/irs-pdf/f5329.pdf
http://www.irs.gov/pub/irs-pdf/i5329.pdf