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[quote=Anonymous]Be careful about your state taxes. Some states tax withdrawals for private K-12 tuition, even though there is no federal tax/penalty on up to 10K per year per kid. You have to check your state laws--some don't conform to the new federal law. California, as an example, taxes the earnings portion as regular income and also assesses a 2.5% penalty on early withdrawal. You must take out contributions and earnings on a pro rata basis (so no saying, I'm only taking out the "contribution basis" for tuition. [/quote]
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