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If you have an individual retirement account (IRA), you may be able to use the funds in the account to pay for qualified education expenses without incurring a penalty. Under the rules of the Internal Revenue Service (IRS), you can withdraw money from an IRA without paying the usual 10% early withdrawal penalty if the funds are used for qualified education expenses. Qualified education expenses include tuition, fees, books, and other related expenses for you, your spouse, or your dependent. It’s important to note that you may still be required to pay income tax on the withdrawn amount, depending on the type of IRA you have and your tax situation. […]<\/p>","protected":false},"author":5,"featured_media":5443,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","footnotes":""},"categories":[23],"tags":[393,394,392],"class_list":["post-5442","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education-payments","tag-american-opportunity-tax-credit","tag-education-costs-and-funding-in-scotland","tag-using-ira-for-education-expenses"],"yoast_head":"\n
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Qualified education expenses include tuition, fees, books, and other related expenses for you, your spouse, or your dependent. It’s important to note that you may still be required to pay income tax on the withdrawn amount, depending on the type of IRA you have and your tax situation. 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