Comments on: Q&A: Using IRA Funds to Pay Off a Student Loan http://www.fivecentnickel.com/2007/09/13/qa-using-ira-funds-to-pay-off-a-student-loan/ personal finance tips, tricks, and commentary Sat, 21 Nov 2009 22:51:28 -0500 http://wordpress.org/?v=abc hourly 1 By: Marsh http://www.fivecentnickel.com/2007/09/13/qa-using-ira-funds-to-pay-off-a-student-loan/comment-page-1/#comment-117745 Marsh Wed, 04 Jun 2008 13:53:40 +0000 http://www.fivecentnickel.com/2007/09/13/qa-using-ira-funds-to-pay-off-a-student-loan/#comment-117745 IRS Pub 590 page 54 states to include QHEE "paid with any of the following: ...a loan..." Based on that, I wish we could use IRA funds to payoff or pay down a student loan. However, I've seen several experts state that loans from previous tax years do not qualify. IRS Pub 590 page 54 states to include QHEE “paid with any of the following: …a loan…”

Based on that, I wish we could use IRA funds to payoff or pay down a student loan. However, I’ve seen several experts state that loans from previous tax years do not qualify.

]]> By: Wayne http://www.fivecentnickel.com/2007/09/13/qa-using-ira-funds-to-pay-off-a-student-loan/comment-page-1/#comment-80525 Wayne Fri, 14 Sep 2007 20:29:29 +0000 http://www.fivecentnickel.com/2007/09/13/qa-using-ira-funds-to-pay-off-a-student-loan/#comment-80525 I agree. I would probably also advise the 529. Ohio also gives a state deduction (maxed at $1000 per spouse). Either way, the key is to save. I agree.

I would probably also advise the 529. Ohio also gives a state deduction (maxed at $1000 per spouse).

Either way, the key is to save.

]]> By: Walt Padabney http://www.fivecentnickel.com/2007/09/13/qa-using-ira-funds-to-pay-off-a-student-loan/comment-page-1/#comment-80380 Walt Padabney Fri, 14 Sep 2007 01:15:22 +0000 http://www.fivecentnickel.com/2007/09/13/qa-using-ira-funds-to-pay-off-a-student-loan/#comment-80380 To the prior comment... unless you start real early and want to use Ed. IRA dollars for private primary education, then the better option is the 529 plan. Easier to keep control and establish and many states give a state income tax deduction on contributions... Like our friends in Oklahoma. To the prior comment… unless you start real early and want to use Ed. IRA dollars for private primary education, then the better option is the 529 plan. Easier to keep control and establish and many states give a state income tax deduction on contributions… Like our friends in Oklahoma.

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