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I have a question about an Education IRA. I set one up for my son a few years back and we expect he will be going to college this fall. How do we withdraw funds from the account? Lets say tuition is $2K and total college expenses are $10K. Do I have to have the funds sent directly to the college? Do I have them deposited in my checking or my sons? What kind of records do we have to keep? If he gets a $1K scholarship do we have to show that the scholarship was used first and then the EdIRA withdrawals?
I have searched the web a bit and there seems to be only the most general statements about the funds being used for “educational purposes” without setting up a clear procedure.
Another issue is I have set up this account and it is specifically for my son but he is not my dependent this year tax wise, his mom claims him for tax purposes. Does that matter?
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