Education IRA

Description and Definition of Education IRA

A new type of savings plan for higher education. An Education IRA has nothing to do with retirement. You may be able to make nondeductible contributions up to $500 per child per year to an education IRA for children under 18. There's no deduction for contributions but if the money is used to pay college bills withdrawals are tax free.

Resources

See Also

Further Reading

• Education IRA in the West's Tax Law Dictionary
• Education IRA in “A Dictionary of Taxation”