Pay a Child’s $30,000 Tuition From a 401(k) at 52 and the IRS Adds a $3,000 Penalty. Pay It From an IRA and There’s No Penalty at All. Same Money, Different Rulebook
Source ↗
👁 0
💬 0
The post Pay a Child’s $30,000 Tuition From a 401(k) at 52 and the IRS Adds a $3,000 Penalty. Pay It From an IRA and There’s No Penalty at All. Same Money, Different Rulebook appeared first on 24/7 Wall St..
A 52-year-old parent facing a $30,000 tuition bill may have two retirement accounts that look the same on a statement. But the rules treat them very differently. If you take money from a 401(k) before age 59½, federal law adds a 10% additional tax on top of regular income tax.
On
A 52-year-old parent facing a $30,000 tuition bill may have two retirement accounts that look the same on a statement. But the rules treat them very differently. If you take money from a 401(k) before age 59½, federal law adds a 10% additional tax on top of regular income tax.
On
Comments (0)