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May 2110:00 AM EDT
-10:30 AM EDT
Most candidates submit a resume built for a recruiter. Admissions committees are reading for something else entirely. This session covers what adcoms actually evaluate, where strong candidates lose ground before a single essay is written, and why...
May 2208:30 AM PDT
-09:00 AM PDT
Get the inside scoop on what makes Emory’s Goizueta Business School great and how you can present a strong MBA application. Explore the difference between our One-Year MBA and Two-Year MBA programs, talk to our admissions team, and meet students.
May 2203:00 PM EDT
-04:00 PM EDT
The old MBA recruiting playbook is dead. Here’s how top admits are getting ahead this summer.
May 2308:00 PM PDT
-09:00 PM PDT
Inquire for a free profile evaluation and guarantee statement for possible admits and scholarships!
May 2910:00 AM PDT
-11:00 AM PDT
Download the MBA Launchpad App, for FREE access to the largest MBA database - Data backed read on your profile - Identify gaps before you apply - Build a balanced school list - Track your deadlines - Mock interviews - Extensive content library
Jun 1006:00 AM PDT
-06:15 PM PDT
Register for the GMAT Club Virtual MBA Spotlight Fair – the world’s premier event for serious MBA candidates. This is your chance to hear directly from Admissions Directors at nearly every Top 30 MBA program..
Shko1
Joined: 21 Aug 2011
Last visit: 12 Jul 2012
Posts: 22
Own Kudos:
Concentration: Leadership, Finance
Schools: HBS '15 CBS '15 Wharton '15 Sloan '15 Stanford '15
GMAT Date: 04-02-2012
GPA: 3.79
WE:Corporate Finance (Finance: Investment Banking)
Products:
27 Mar 2012, 09:59
Kudos
Bookmarks
I need a straight Yes/No answer. Can you pay for your MBA Tuition from your 401K Savings, Penalty (10%) free?
Yes/No?
Yes/No?
aalba005
Joined: 01 Apr 2010
Last visit: 25 Nov 2016
Posts: 264
Own Kudos:
Given Kudos: 11
Location: Kuwait
Schools: Sloan '16 (M)
GMAT 1: 710 Q49 V37
GPA: 3.2
WE:Information Technology (Consulting)
Products:
27 Mar 2012, 11:07
Kudos
Bookmarks
From my research if I remember I came to the conclusion that I can roll over the 401k to an IRA then use the IRA to pay for tuition for qualified higher education expenses without the 10% penalty. Qualified higher education expenses I believe was limited to Tuition and Room/Board.
avohden
Joined: 09 Jul 2013
Last visit: 14 Mar 2015
Posts: 403
Given Kudos: 630
Status:1,750 Q's attempted and counting
Affiliations: University of Florida
Location: United States (FL)
Schools: Warrington (A)
GMAT 1: 570 Q42 V28
GMAT 2: 610 Q44 V30
GMAT 3: 600 Q45 V29
GMAT 4: 590 Q35 V35
GPA: 3.45
WE:Accounting (Accounting)
03 Oct 2013, 23:17
Kudos
Bookmarks
I will post the rules from the IRS website below. Before I post, I wanted to say that the advice provided by aalba005 is correct. Based on the tax rules, there is a 10% early withdrawal penalty from 401k plans and other non IRA plans with no higher education exemption. However, if you roll-over the 401k or other retirement plan into a Roth IRA or traditional IRA there is an exemption for the 10% penalty on higher education expenses. So it seems like with many tax/accounting questions the answer is a Yes and No depending on the circumstances. Yes - Penalty for 401k, No - Penalty for Roth IRA/IRA. Here are the links to the IRS topic discussions
Topic 558 - Additional Tax on Early Distributions from Retirement Plans, Other Than IRAs
https://www.irs.gov/taxtopics/tc558.html
Topic 557 - Additional Tax on Early Distributions from Traditional and ROTH IRAs
https://www.irs.gov/taxtopics/tc557.html
Topic 558 - Additional Tax on Early Distributions from Retirement Plans, Other Than IRAs
https://www.irs.gov/taxtopics/tc558.html
Topic 557 - Additional Tax on Early Distributions from Traditional and ROTH IRAs
https://www.irs.gov/taxtopics/tc557.html
