Find all School-related info fast with the new School-Specific MBA Forum

It is currently 25 Oct 2014, 19:36

Close

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Events & Promotions

Events & Promotions in June
Open Detailed Calendar

Penalty for early IRA withdrawal for overseas MBA

  Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
TAGS:
Intern
Intern
avatar
Joined: 19 Sep 2010
Posts: 3
Followers: 0

Kudos [?]: 0 [0], given: 0

Penalty for early IRA withdrawal for overseas MBA [#permalink] New post 04 Feb 2011, 11:44
Hello all,

I believe I am in the right forum in which most people are looking to pursue a MBA overseas. For American applicants, I just wonder if any of you are planning to withdraw partially or entirely from your IRA account. According to the IRS, there will not be early withdrawal penalty as long as the school is an "IRS-approved institution". No doubt most American MBA are in this approved category. Yet I am unable to find a list to explain whether foreign MBAs are considered. What do you think?
1 KUDOS received
Intern
Intern
avatar
Joined: 03 May 2010
Posts: 15
Followers: 0

Kudos [?]: 5 [1] , given: 0

Re: Penalty for early IRA withdrawal for overseas MBA [#permalink] New post 07 Feb 2011, 16:24
1
This post received
KUDOS
If the school qualifies for Stafford loans, then it should be IRS-approved. They use the same criteria for deducting a portion of the tuition costs on tax returns.
Manager
Manager
avatar
Joined: 03 Apr 2011
Posts: 106
Location: United States
Concentration: Leadership, Strategy
GMAT 1: 760 Q50 V42
GPA: 3.54
WE: Military Officer (Military & Defense)
Followers: 4

Kudos [?]: 23 [0], given: 0

Re: Penalty for early IRA withdrawal for overseas MBA [#permalink] New post 27 Apr 2011, 08:46
Keep in mind that if it is a ROTH IRA, you can ALWAYS take the principle out without penalty (since it was taxed before it went in)
Intern
Intern
avatar
Joined: 09 May 2011
Posts: 4
Followers: 0

Kudos [?]: 0 [0], given: 0

Re: Penalty for early IRA withdrawal for overseas MBA [#permalink] New post 09 May 2011, 01:41
I contemplated about this option from my IRA/401K. I'm siding with not doing so because once you've taken it out of account, you won't have the option of contributing the same amount back into it. You might want to consider getting a loan and pay the interest. Years from now, your retirement account will be worth more than what you borrow.
Re: Penalty for early IRA withdrawal for overseas MBA   [#permalink] 09 May 2011, 01:41
    Similar topics Author Replies Last post
Similar
Topics:
Question/Advice on Withdrawing from Early Action Fuquafan123 1 19 Jun 2014, 08:38
5 Experts publish their posts in the topic Serious question regarding withdrawing from early action WonderDog 20 26 Apr 2012, 20:34
Short Term Saving for MBA: 529 or Roth IRA? AK_X3 0 20 Apr 2012, 11:22
Penalty River10 1 15 Dec 2009, 11:31
Penalty mshorn 0 17 Nov 2005, 09:37
Display posts from previous: Sort by

Penalty for early IRA withdrawal for overseas MBA

  Question banks Downloads My Bookmarks Reviews Important topics  


cron

GMAT Club MBA Forum Home| About| Privacy Policy| Terms and Conditions| GMAT Club Rules| Contact| Sitemap

Powered by phpBB © phpBB Group and phpBB SEO

Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.