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Financial Planning / Tax Strategies
|Subject: Coverdell documentation||Date: 12/3/2012 7:38 PM|
|Author: Goofyhoofy||Number: 117061 of 121801|
So Mrs. Goofy and I have a modest Coverdell account to help a nephew through college. We've been sitting on it for several years, and it's time to withdraw it.
When I tell Schwab to transfer the funds to our regular account, I get a page full of "IRA Withdrawal" cautions, which gets me to wondering:
What kind of documentation are we going to have to have to demonstrate that this money is going towards his college tuition? And where will this show up when Schwab sends us the end-of-year stuff on all our accounts?
And is this really an "IRA" withdrawal? (It appears the "caution" flash page is just a generic page about IRA withdrawals. There's no mention of education, Coverdell, 529 or anything else remotely relating...)
Anybody who's been through this? Thanks.
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