Can i pay part of my mortgage from IRA funds while I'm going to school full-time (university)?

Question

I know using funds from an IRA to pay for qualified education expenses are accepted and not penalized. However, I have a mortage and will need some cash to help pay it. "Room and Board" is a qualified expense but how would this work in my situation?

Answer 1

Only if you are a first time home buyer, then you can use IRA funds without penalty (see http://www.irs.gov/taxtopics/tc558.html ).

Best wishes.