If one has two sons, one is almost 22 years old and one is 25 years old and is about to get married. The 21 year old is a full time student and is going on to law school as a full-time student. The 25 year old has a full time job and will be taking classes to receive his masters in education. Assuming the parents has not claimed either child as a tax exemption the last couple of years, can a parent use their IRA to pay for both of these children's tuition, books, fees, room and board, food, computer, internet access, etc. - without having to pay the 10% IRS penalty? Any other thoughts or recommendations you may have would be greatly appreciated
All the above is based on an IRA in which taxes have not been paid. After answering the above would their be any advantage/disadvantage in using the funds from a Roth IRA which has been funded for over 10 years.