Paying for higher education with a Roth IRA
If you have been contributing to a Roth IRA and now you’re going back to school, you’ll want to read this!
You can take out the money that you’ve put into the account to pay for higher education and pay no taxes or penalties! I know this works because I did it recently to cover part of my expenses for my master’s degree in occupational therapy. It may take some effort to go back over your records and figure out how much you contributed vs. how much interest you’ve earned but it’s well worth it. My (very expensive) tax preparer couldn’t figure out how to file it but Turbotax was on the ball with this!