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C
Colmatt
Level 5
April 9, 2022
Solved

401- K withdrawals for college

  • April 9, 2022
  • 2 replies
  • 10 views

I know the answer is no...just need someone to knock it into my head.....401-K distributions used for college are not an exception to the 10% penalty.....

This topic has been closed for replies.
Best answer by Dusty2

Sounds like you understand the rules on that correctly.

2 replies

D
Dusty2Answer
Level 6
April 9, 2022

Sounds like you understand the rules on that correctly.

    rbynaker
    rbynaker
    Level 13
    April 9, 2022

    Correct.  The rules are dumb.  Roll the 401(k) over into an IRA then take an IRA distribution and no penalty.  Take the money straight out of the 401(k), penalty.

      C
      ColmattAuthor
      Level 5
      April 9, 2022

      If they only asked before they did anything!!

       

        T
        The-Tax-Lady
        Level 8
        April 9, 2022

        That would be a Tax Season Miracle! 😂

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