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Tax Question
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<blockquote data-quote="grgrcr88" data-source="post: 684245" data-attributes="member: 16611"><p>I am doing my taxes online and usually it wil guide me thru everything easily, this year I have a question I cannot find the answer to. </p><p> </p><p>My wife took an early withdrawal from an IRA, I know there is a 10% tax penalty for this, but it seems if you use it for college tuition, you do not have to pay the penalty.</p><p> </p><p>My question is, not all of the money has been used for tuition in 2009, but it all will be used for tuition in the future. Do I get to include the total amount as exempt from penalty or only the amount used in 2009 for tuition. </p><p> </p><p>Thanks to whoever may be able to help me out.</p></blockquote><p></p>
[QUOTE="grgrcr88, post: 684245, member: 16611"] I am doing my taxes online and usually it wil guide me thru everything easily, this year I have a question I cannot find the answer to. My wife took an early withdrawal from an IRA, I know there is a 10% tax penalty for this, but it seems if you use it for college tuition, you do not have to pay the penalty. My question is, not all of the money has been used for tuition in 2009, but it all will be used for tuition in the future. Do I get to include the total amount as exempt from penalty or only the amount used in 2009 for tuition. Thanks to whoever may be able to help me out. [/QUOTE]
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