rollover Ira and tuition

HI

I recently roll over my 401k to a rollover ira. Im planning to withdraw this in a few weeks from the IRa to pay my outstanding tuition loans. I know that i can withdraw money from an IRA to pay for higher education. is there a limit? do i have to wait for certain of days to withdraw the money from the ira. thanks

Hiddendagger,

There are no laws that prevent you from taking money from your IRA.
But there may be a 10% penalty, and income taxes will be applied to the amount withdrawn.

We can use our IRA funds free from the 10% penalty for qualified education expenses incurred during the year. To learn more, see IRS Pub 590, Individual Retirement Arrangements, under the heading of Higher Education Expenses.

To emphasize what Clydewolf offers, payment of student loans is not considered a qualified education expense.

TJ