Timothy Sumer

Did you know you can use a Roth IRA to pay for college? Schedule a FREE consultation: My name is Drew Schlotter, and I am a Certified College Financial Consultant helping families figure out the whole "money thing" around college. This video is NOT sponsored. ===================== Connect with us! ===================== Website: LinkedIn: ===================== Subscribe! ===================== YT: @CollegeMoneyTalk ===================== TIME CODES: 0:00 ===================== Disclosure: The information on this site is provided “AS IS” and without warranties of any kind either express or implied. To the fullest extent permissible pursuant to applicable laws, Woodson Wealth Management and Consulting Inc. (referred to as “WWM”) disclaims all warranties, express or implied, including, but not limited to, implied warranties of merchantability, non-infringement, and suitability for a particular purpose. WWM does not warrant that the information will be free from e

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I had NO clue that distributions from Roth IRAs are used on your FAFSA and can affect your ability for need-based aid. But they do! Let me repeat that. ..Distributions from Roth IRAs are used in your FAFSA as a way to determine how much your Expected Family Contribution (EFC) is. Thus, if you have a Roth and thought you could pull from it, tax free, well you'd be right... BUT, that doesn't mean this is a good idea. Not if you think you can get need based aid. In fact, when I was researching the benefits of the Roth for my book, 21 Reasons You NEED A Roth IRA I was thinking the Roth would be a wonderful account to use for college funding. Well it CAN be but you've got to tread carefully here. The Fafsa form is about 2 years behind. Thus, here it is 2018 and we have to show our 2016 tax forms to the colleges my daughter is thinking of attending. So, what we did in 2016 is what matters, even though it's not 2018. So, if you took distributions fro