A 60 -year-old individual nearing retirement withdraws $⁢15,000 from their traditional IRA to pay for college expenses for their dependent child. What are the taxes and penalties on this withdrawal?

Name: Revolt
Rating: 4.5 (1200 reviews)

Question

Revolt · Accepted Answer

no penalty and taxed as ordinary income

Individual Retirement Plans - Quiz Quiz

A 60 -year-old individual nearing retirement withdraws $⁢15,000 from their traditional IRA to pay for college expenses for their dependent child. What are the taxes and penalties on this withdrawal?

More from this Course