My friend asked me a question about education IRA and the income exclusion. I did not know the answer and I did not find it in the Motley Fool Tax FAQs, so I thought I try here.He wants to know whether the rules regarding the parent's income and the tax benefit eligibility/phase out of the education IRA refer to the parents' income level when contributions are being made (now) or when funds are withdrawn down the road? He believes the rules might be for current income, but no one at the firm were he set up the IRA asked about his income. He wants to avoid finding out the hard way 15 years from now that all along he was not eligible to set up an Education IRA.
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