Can I draw money from an IRA account for education purposes without incuring a penalty.?

I live in North Carolina and my daughter wants to go to college in Alabama

You can ALWAYS withdraw you contributions from an IRA penalty free--though you'll have to pay taxes on that money if it's a Traditional IRA, since you didn't pay taxes on the contributions when you made them.

You can't withdraw EARNINGS on your contributions without paying a penalty except in certain circumstances; higher education is one of those exceptions, but I'm not sure if it has to be for you or if it can be for your children too...

Check with your IRA company and see what the parameters are and what documentation you have to provide.

Yes...I've done it myself.

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