The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/i-understand-i-cant-do-it-without-a-penalty-but-12721969.aspx

Subject:  Re: Combining Education IRA and State Savings Pl Date:  6/12/2000  11:02 AM
Author:  wsterry Number:  36482 of 121061

I understand I can't do it without a penalty, but the only penalty I seem to be able to find is this 6% excise tax on the excess contribution to the IRA.

The documentation for the state college savings plan (NY) indicates that if you do both, then you pay the 6% on the Ed IRA.
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us