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IRS Form 5923 Line 2 Exception 08, what can I include as Higher Education Expenses?

Asked by: pmitchem 737 views YA Discussion

I received a $ 1400 distribution from my IRA to pay my summer tuition
What amount can I put on Line 2 of Form 5923?
Tuition minus grants?
All education expenses – grants?
Total cash payments and student loans for the year?

2 Answers

  1. tro on Apr 02, 2012 Reply

    qualified education expenses and tuition
    grants and loans have nothing to do with what you used the IRA distribution for, that has to be higher education

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  2. Quick Answers on Apr 02, 2012 Reply

    It’s form 5329.

    You didn’t pay for the grants nor did you include them in income, so you can’t claim you did.

    The student loans are a non-issue.

    Call the IRS and ASK what you are allowed to include as room and board. For the purposes of the penalty exception some R&B can be included.

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