As any parent with a child in college knows, higher education is expensive. If you’re paying college costs for yourself or certain other people and money is tight, you might consider tapping your traditional IRA. Generally, if you’re under age 59½, tax law imposes a 10% “early withdrawal” penalty tax, unless an exception applies. One exception allows you to take an early, penalty-free IRA withdrawal to pay qualified higher education expenses during the tax year. The qualified expenses must be for you, your spouse, your child, stepchild or adopted child. To learn more about other early withdrawal exceptions: If you have any questions, contact us.