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I just found this information about withdrawals from an Education IRA from Vanguard. It seems to indicate that only the earnings (not the principal) is taxable if withdrawn for non-qualified educational expenses.

Taxes and penalties for nonqualified expenses
When discussing withdrawals from an Education IRA, it's
important to note that they come proportionately from
contributions and any earnings on those contributions. So,
because contributions come from after-tax dollars, any tax or
penalty upon withdrawal applies only to earnings

As long as I (the custodian of a minor child) have no earnings, I should be able to withdraw the entire amount tax-free and penalty-free, right?
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