The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/childs-education-ira-10128633.aspx

Subject:  Child's Education IRA Date:  3/14/1998  7:57 PM
Author:  Sandblster Number:  2671 of 121563

Suppose a family is over the AGI for contributing to an education IRA for one of their children (do I have the name right? I am not sure if it actually is called an education IRA. I am referring to the provision in last year's tax bill that allowed $500 to go into an account for each child; if the money is used to pay college expenses the gains are tax free.)

If the child has a custodial account, can that money be used to fund and education IRA? Assuming, of course, that the child's income does not exceed the AGI for these accounts.


Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us