client did an early withdrawl from ira for college tuition, with a 10% penalty since the student also went high school that year and her tuition was $16.000 can she include that as well
client did an early withdrawl from ira for college tuition, with a 10% penalty since the student also went high school that year and her tuition was $16.000 can she include that as well
This is so confusing, my client withdrew 35,000 for college tutiion, she also paid $16,000 for secondary high school tuition. can or where can I combine these two tuitions or not?
thank you again for your all your help i hope i am making sense
You can deduct up to $10,000 from a 529 plan for high school tution only, no books or equipment. if from an IRA The Distribution is not subject to the 10% penalty if all used for qualified higher education expenses. The distribution may or maynot be taxable depending on the type of IRA
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