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"NEWS NOTES"

From the office of Angle, Zaebst & Associates

Taking IRA Withdrawals for Education Expenses

Did you know you can take an IRA distribution without a tax penalty to pay for college?
 
You can avoid the 10% penalty tax if the distribution is to pay qualified education expenses  for your spouse,  children,  grandchildren, or yourself.
 
The amount of the withdrawal is generally limited to $10,000 and must be included in your income for income tax purposes.
 
Qualified education expenses include tuition, fees, books, supplies, and equipment required for enrollment or attendance at any college or post-secondary educational institution.  If the student is at least a part-time student, room and board also qualify, although subject to certain limitations.
 
Please contact us to discuss the higher education tax saving strategies that can benefit your particular situation.
 
Click on the News quick link above to go to the Newsletter portion portion of our website and view the article FAQ: What's new in back-to-school tax savings? in its entirety.

Angle, Zaebst & Associates
330-425-4422 fax 330-425-8422
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Each entity or individual's situation is unique and should be analyzed based upon all of the laws and regulations that exist at the time of a decision. Although we try to send current and accurate information, laws change and can be complex. The information presented in this e-mail should not be construed as legal, tax or accounting advice. You should consult with Angle, Zaebst, & Associates CPA's or other professionals familiar with your particular situation for advice concerning specific tax or other matters before making any decision.