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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 14015
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I borrowed $10000 from my IRA in 2010 and used it for Higher

Resolved Question:

I borrowed $10000 from my IRA in 2010 and used it for Higher Education in 2010.I had not repaid the $10,000 by the end of 2011 and was thus issued a 1099-R.
On my tax return,will I pay the penalty or am I qualified to claim the exceptions?1099 is for 2011 but I used the money for Higher education in 2010.Please help
Submitted: 1 year ago.
Category: Tax
Expert:  Megan C replied 1 year ago.

MyVirtualCPA :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

MyVirtualCPA :

As the funds were used for education, you would not be subject to the 10% early withdrawal penalty

Customer:

My problem is the 1099-R was issued a year later.It would have been easier if it was same year.I dont even have anything to show that I used it for school in the year the 1099 was issued as school ended previous year.Hope I make sense?

MyVirtualCPA :

Yes, you do make sense.

MyVirtualCPA :

And you still qualify for the exception

Customer:

ok

MyVirtualCPA :

Anything else you need assistance with today ?

MyVirtualCPA :

If not, please rate my response as "excellent" so that I may receive credit for assisting you today

Customer:

Nothing Else.Thanks for your help

Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 14015
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and 9 other Tax Specialists are ready to help you
Expert:  Megan C replied 1 year ago.
Thanks, Tosin for your positive rating. Please come back and visit MyVirtual CPA for any of your tax, finance, or social security needs. It was a pleasure working with you today

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