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Tax Law (Questions About Taxes)/Roth Withdrawls for Education Tax Treatment


If I contribute $6,500 to my Roth IRA in 2014 and I want to withdraw that $6,500 in say 2015 for my son's college expenses - am I subject to any penalty for withdrawing the money too soon?

What if the $6,500 grew to $7,000 in that year.  Would I owe basic income tax on the $500 appreciation?  Or no tax as the money is going toward education??  Any penalty?

Thank you.

Depends if new or existing (longer than 5 years) ira.
Also. If that is only value in accounta.

Pretty sure yiu can also revert it before return is filed.

Not positive as this is not material and not my area of specialty.check with your broker or visit/call a fidelity office
Good luck

Tax Law (Questions About Taxes)

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Tax and general business including hospitality related (hotel mgmt degree and experience in industry prior to obtaining ms tax and cpa).


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