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Hello and welcome to Just Answer
Just to clarify, you paid your sons tuition and then pulled money from the IRA to cover the cost?
I have paid my son's tuition and still am, but have not yet taken the money from my IRA.
Early distributions are allowed for the exemption of of the 10 percent penalty for tuition for education in college. As long as you withdraw the money within the same tax year you can claim the exemption
Just to be clear, even though I've made payments since Jan. 2012 and will continue through Dec. 2012, I can withdraw an equal amount from my IRA and be exempt from the 10% penalty?
You do not have to withdraw the money and turn around and send it right back in to get the exemption, as long as the tuition payment and the early withdraw are in the same year
Ok, thank you. And just for my own peace of mind, is there somewhere I can see your credentials on this site?
Should be listed and you should be able to see it now, however I am a CPA
ok, thank you again.
If I answered your question today please remember to rate me answer so that I may receive credit. thanks
I will do that right now. Thanks so much
Have a blessed day