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Message
IRA distribution question.
Posted on 4/17/13 at 12:32 pm
Posted on 4/17/13 at 12:32 pm
Say you take out loans to get through college and you begin to pay them. Can you pay them off with an IRA?
2
Posted on 4/17/13 at 12:34 pm to reb13
sure can. you will pay tax and penalties if it is a traditional ira or gains from a roth ira though
Posted on 4/17/13 at 1:38 pm to reb13
Question, sorry to get off topic of OP.
If I contribute $15k over 3 years to a traditional IRA and I withdraw $15k, it will only be taxed at my regular tax % correct? If I withdrew $17k, the $2k would be taxed at an additional 10%. Is that correct? I've never fully understood what the additional 10% is on.
If I contribute $15k over 3 years to a traditional IRA and I withdraw $15k, it will only be taxed at my regular tax % correct? If I withdrew $17k, the $2k would be taxed at an additional 10%. Is that correct? I've never fully understood what the additional 10% is on.
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