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Educational IRA
The educational IRA is another name for the Coverdell Educational savings account. This is a tax advantage savings account for higher education.
Costs and Considerations
No annual fee
The beneficiary must be under the age of 18 to receive contributions and must make all withdrawals by age 30. Must be made within 30 days after turning 30.
Features and Benefits
Fixed rate at 0.75% dividends are compounded and paid quarterly
No outgoing transfer or rollover fee
Distributions may only be used for qualified educational expenses of tuition, fees, books, supplies, equipment, and room and board for at least half-time students
Contributions are not tax deductible, but earnings are tax-free
Total contributions for any one beneficiary are limited to $2000 per year
Account is held in the name of the minor
Educational IRA funds can be rolled over to another individual if not used by the original individual names
