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Use of IRA funds for College Tuition

WrenJD

I made withdrawals from an IRA this year and spent those on college tuition. My understanding is that such use is permitted and exempt from penalty. Your software only prompts me to respond whether I converted the funds to a Roth or rolled the funds over into another qualified account within 60 days. How can i use your software and report this permissible use of funds and not get the penalty figured into my tax owed?

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Comments

JMSSGV

Look for Form 5329.

MatthewD

Hi WrenJD,

There are some steps you must be missing. After you enter the 1099-R and are on the "Your Retirement Income" page, press Continue. After a couple of pages, you will come to the "Do any of these 10% penalty exceptions apply?" page. Check the exception that applies and enter the amount.