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Ask The Expert: Withdrawals

Q:
Asked by Jay 1/4/13

Can a college student withdraw earnings on an IRA without penalty?

Matthew Malone A:
Answered by Matthew Malone 1/4/13
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251 out of 251 people found this useful.

Only for certain types of withdrawals, like paying for qualified college expenses or for a down payment on a first house. If the withdrawal doesn’t fit those scenarios, you’ll pay a 10% penalty. The IRS provides an overview of eligible withdrawals here.

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