51. The Perils of Cashing Out College Accounts
The Internal Revenue Service is the real undefeated heavyweight champion.
—George Foreman, boxing champion
Once your child is enrolled in college, brace yourself. You may have to contend with the Internal Revenue Service’s own Rubik’s Cube guide to cashing in college accounts. It can be hellish trying to withdraw cash from college accounts without getting hit with taxes or losing valuable tax credits. Frankly, the rules can give you a Slurpee brain freeze.
This chapter can’t possibly explore all the permutations of draining various types of college accounts. I could write an entire book on this topic, but a crate of Extra Strength Excedrin couldn’t get me to embark on that project. This chapter, ...
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