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    Tammieh1's Avatar
    Tammieh1 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Oct 4, 2007, 06:50 AM
    Withdrawing Funds for College Tuition
    We have a son in college and would like to withdraw funds to pay for his tuition. Is there a penalty for this?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Oct 4, 2007, 06:59 AM
    Withdraw from what?
    ballengerb1's Avatar
    ballengerb1 Posts: 27,378, Reputation: 2280
    Home Repair & Remodeling Expert
    		  
    #3

    Oct 4, 2007, 07:40 AM
    If you take money out of savings or money market, no problem. However, if you pull from an IRA or other tax shelter you will face a penalty. Get back to us with additional details.
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