Q • Can you take money out of your IRA to pay for your son’s or daughter’s college education?

A • The good news is yes, penalty free, but not income tax free. You will have to pay federal income taxes on the amount withdrawn. But there are specifics on how this is to be done. Keep your receipts.

The bad news is that your idea could backfire. Although tapping your IRA will not change what your child receives in need-based financial aid for this school year, it can affect next year's aid award. Email us with questions.

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