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Author: v200014 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76384  
Subject: IRA and Education! Date: 6/23/2000 12:54 PM
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I have a question about using my IRA funds for educational expenses of my children in 14 years or
so. I know that you can use funds from an IRA account for such purposes as first time home buying, education (Mine, I imagine), and medical burdens. But can I use my IRA to fund my daughters expenses during college? There are a few reason's that I don't want to get involved in ED IRA's or 529 accounts. Mainly being that if my daughters do not decide to go to college, I want access and control of the funds, so I can decide what it can or can't be used for. Secondly, funds that a child has in an ED IRA and 529 account can be count against them when trying to qualify for financial aid(gotta use those tax dollars, somehow). Last that I can think of now at the moment, is in the case of state sponsored 529 accounts, if my children do decide to go to college, but outside the state the plan was sponsored by(or private for that matter), the funds that the 529 provides doesn't guarantee it will cover the tuition.

Thank's in advanced for the input,

Mike
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Author: TMFExRO Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 22810 of 76384
Subject: Re: IRA and Education! Date: 6/23/2000 1:28 PM
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<< But can I use my IRA to fund my daughters expenses during college? >>

Yes, you can. See IRS Publication 590.

TMF ExRO
Phil Marti

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