Article: Sound Advice To Help You Save Now For Your Childs Education Using An Education IRA!
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Sound Advice To Help You Save Now For Your Childs Education Using An Education IRA!
This investment retirement account (IRA) is useful to you as an investor to understand because it may be a good way for you to save for your kid?s education AND save on taxes. These plans are now called Coverdell Education Savings Accounts in honor of the late U.S. Sen. Paul Coverdell. Individuals can make annual contributions of up to $2,000 per child into an account that's exclusively for helping to pay higher education costs. The money contributed to a Coverdell account doesn't count against the $3,000 ($3,500 if 50 and older) annual total individuals may contribute to their combined personal individual IRAs.
The earnings and withdrawals from a Coverdell account are tax-free, but you can't deduct the contributions from your income tax because the account is for the benefi...
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