[[I am now thinking that I would like to change career direction in midlife. I would like to use my IRA money for my higer education expenses. Lets say I want to get an MBA in finance and avoid the 10% excise tax. What can I consider as room and board? Can my mortgage and food expenses count if I live at home and commute to a State University?]]While the legislation doesn't specifically make reference to this issue, I would seriously doubt that these expenses would qualify as "higher education expenses" for room and board purposes. There are a number of IRC cross references relative to these expenses, and if one were to take the time to review all of them, I'm sure that you would find that this would not be allowed. [[ If I already have a graduate degree, does that make me ineligible for another advanced degree in another field?]]Nope. Not according to the legislation as currently written.[[ Is there an upper limit as to what I can take out of the IRA if I can go on for more education?]]Again, not as the legislation is currently written.TMF TaxesRoySPECIAL NOTE: Remember that this response is not the "last word" on your situation. It is really only a starting point. Make sure to review the "Read This First" post(http://www.fool.com/School/Taxes/TaxesDisclaimer.htm) for additional information. In addition, many of your questions may already be referenced in the Taxes Frequently Asked Questions area. In order to visit the Taxes FAQ area, go to the Fool's School area (http://www.fool.com/school.htm) and check out "Other Features" in the list box, OR you can jump directly to the Taxes FAQ area (http://www.fool.com/school/taxes/taxes.htm). Additionally, if any references were made to the IRS Web Site, you can get there by pointing your web browser to (http://www.irs.ustreas.gov).
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