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Education IRA |
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Education IRA A savings plan for higher education. Parents and guardians are allowed to make nondeductible contributions to an education IRA for a child under the age of 18. Notes: The funds in an education IRA can be withdrawn tax free when they are needed for educational purposes. The education IRA is now the Coverdell ESA.See also: Coverdell Education Savings Account (ESA), Extended IRA, Income Tax, IRA, Roth IRA, RRSP, SEP, SIMPLE, Traditional IRA Education IRA A type of individual retirement account enabling the contribution of up to $500 per year tax free for each child up to the age of 18 by the parents in the family.
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Current California law limits education IRA contributions to $500 annually, while federal law, beginning in 2002, allows $2,000 and permits corporations to contribute. An Education IRA is an account set up by a donor to help pay for a beneficiary's future education expenses. If you plan to claim the Hope Credit or the Lifetime Learning Credit, any expenditure from the Education IRA will be taxed - which means Washington gets a cut when the money goes in and another when it comes out. |
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Education IRA
