Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : The Justa & Lars Honors Bob Brinker Investment Club -- Ignore unavailable to you. Want to Upgrade?

To: Dave Kahn who wrote (12804)	3/26/2000 8:59:00 PM
From: Investor2	Read Replies (1) \| Respond to of 15132

From Pub 590 "Higher education expenses. Even if you are under age 59 1 / 2 , if you paid expenses for higher education during the year, part (or all) of any withdrawal may not be subject to the 10% additional tax on early withdrawals. The part not subject to the tax is generally the amount that is not more than the qualified higher education expenses (defined later) for the year for education furnished at an eligible educational institution (de-fined later). The education must be for you, your spouse, or the children or grandchildren of you or your spouse. When determining the amount of the withdrawal that is not subject to the 10% additional tax, include qualified higher education expenses paid with any of the following funds. ? An individual's earnings. ? A loan. ? A gift. ? An inheritance given to either the student or the individual making the withdrawal. ? Personal savings (including savings from a qualified state tuition program). Do not include expenses paid with any of the following funds. ? Tax-free distributions from an education IRA. ? Tax-free scholarships, such as a Pell grant. ? Tax-free employer-provided educational assistance. ? Any tax-free payment (other than a gift, bequest, or devise) due to enrollment at an eligible educational institution. Qualified higher education expenses. Qualified higher education expenses are tuition, fees, books, supplies, and equipment required for the enrollment or attendance of a student at an eligible educational institution. In addition, if the individual is at least a half-time student, room and board are qualified higher education expenses. Eligible educational institution. This is any college, university, vocational school, or other postsecondary educational institution eligible to participate in the student aid programs administered by the Department of Education. It includes virtually all accredited, public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. The educational institution should be able to tell you if it is an eligible educational institution." Best wishes, I2