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Education Savings Accounts
  • Qualified higher education expenses include: tuition, fees, books, supplies, and equipment required for the enrollment or attendance of a designated beneficiary at an eligible educational institution.
  • Any balance remaining in an Education Savings Account at the time the beneficiary becomes 30 years old must be distributed, and the earnings portion is taxed to the beneficiary and becomes subject to an additional 10% penalty.
  • In a year in which an exclusion is claimed for a distribution from an Education Savings Account, neither a "Hope" credit nor a "Lifetime" credit – credits for higher educational expenses provided by other sections of the Internal Revenue Code – are available for education expenses paid for that beneficiary.
  • A contribution may not be made to an Education Savings Account during a taxable year in which contributions are made on a beneficiary's behalf to a qualified state tuition program.
  • Contributions are limited to $2,000 per beneficiary per year.
  • There are no provisions providing for contributions to an Education Savings Account for filers that are married filing separately.
  • Contributions to an Education Savings Account are considered completed gifts of present interest to the beneficiary. If the Education Savings Account contribution and other gifts to the same beneficiary exceed $13,000, a taxable gift may result. For further information, consult your tax advisor.

Deductible IRA
Future value computation assumes constant adjusted gross income and tax rates over the period of contributions.

Nondeductible IRA
Future value computation assumes constant adjusted gross income and tax rates over the period of contributions.

Roth IRA
In order to qualify for tax-free status, distributions may not be made sooner than five years from the first contribution into a Roth IRA, after age 59½, or at the death or disability of the individual.

  • Not FDIC Insured
  • No Bank Guarantee
  • May Lose Value

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