Good morning Joe, thank you very much for posting on my blog.

Regarding your first question you can claim Hope credit for first two years of college and later on you can claim lifetime learning credit. Your credit will be limited to $4000 in tuition expenses. Your tuition and fees deduction will be disallowed if your AGI exceeds $160,000.

The answer to your second question would be that if you are not retired (I assume that you are not 59 1/2 yrs old) and withdraw funds from your retirement or an IRA account then you will have to disclose that portion of income and will pay income taxes on it, however, you will not be penalized for early withdrawl as your distribution will be considered "Early Distribution, exception applies ".

I hope this helps. Please feel free to post if you may have more questions.


Your Personal Accountant.