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Question

Roth IRA early withdrawal for Graduate school

Forum|Forum|5 years ago
January 5, 2021
1 reply
0 views

I am returning to school Spring 2021. I will be going for Masters Family Nurse Practitioner online. I have been told I can withdrawal from and Roth IRA and not get penalized is this correct?

Not A Product Question

Employee

You can withdraw your original contributions at any time for any reason without penalty.

If you withdraw earnings, and the distribution is not "qualified", you will pay income tax plus a 10% penalty. Qualified means the IRA has been opened at least 5 years and you are over age 59-1/2.

If you withdraw earnings for qualified higher education expenses, you still pay the income tax but not the 10% penalty.