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It is my understanding that the time to use the IRA's for 1998 education expenses has passed. Withdrawals from IRA's can be deemed made for qualified expenses only in the year the expenses are incurred. If you took out a loan, repayment of the loan is different than paying for the education. Use the Hope Credit in 1998; withdraw the IRA's in 1999 to pay back the loan to the extent of 1999 education expenses...or, if 1999 is your daughter's second year in college, continue to use the Hope credit and then in 2000 when your only credit option is the less lucrative Lifetime Learning Credit, use the IRAs. Just an observation...and something to think about.
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