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

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Question
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.

Answer
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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19 years cpa. ms tax. NOTE: My discussions are only a general information and do not constitute tax advise without entering into a specific agreement and executing an engagement letter; This free chat is nothing more than general information and should not be construed as tax advice nor does my response or replies imply an agreement to provide client specific advice or other guidance for purposes of avoiding IRS tax or penalties and should not be relied upon without your own validation and confirmation of the how the discussion may fit your facts... Not having all the facts and/or not having a direct client relationship prevents me from providing the most accurate replies as possible and I highly suggest using a local CPA to provide you with written advice and guidance. Taking matters into your own hands is much akin to trying to land an airplane without a license. It is easy to FLY a plane, but LANDING is when critical experience is key. In short, caveat emptor; do your homework and don't just rely on free chat board advice anywhere, anytime.

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a bunch.

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MS tax and other post graduate coursework

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variety including Summa Cum Laude

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