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    weaverpa13's Avatar
    weaverpa13 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 1, 2014, 11:18 AM
    401k withdrawals for College
    In 2013 I took a loan from my 401K, it will be deducted from my payroll in 5 years, it was to pay for my daughter education. I wish I have known that I could roll - over to an IRAs, it would avoid long term pay check deduction.My concern is that my husband decided to retire with out warning in July 2014.
    Any advice!!
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Mar 1, 2014, 12:38 PM
    What does roll over to an IRA have to do with this? If you wanted to use money in your 401(k) for your daughter's education, an IRA is no good to you. You can't just rollover funds in a 401(k) to an IRA. You can only rollover a distribution. Even if you could, the money would still be in the IRA and you would incur penalties to withdraw it.

    Also what does your husband retiring have to do anything?
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