I want to start an Educational IRA for my nephews. Curious, what happens if they grow up and decide not to go to college?
[[I want to start an Educational IRA for my nephews. Curious, what happens if they grow up and decide not to go to college?]]There are a number of options. They can transfer the education IRA to another qualified family member, or they can take the money and pay the tax (and penalties). This is explained in MUCH greater detail in my post on the education IRA that you can find in the Taxes FAQ area. You should check it out.TMF TaxesRoyWant to learn more about taxes and investing? Then we have a deal for you!! The Motley Fool Investment Tax Guide is now available through Fool Mart. Be the first one on your block to own this masterpiece. There is still time available to do that tax planning (and tax saving) before the end of the year. So just click on this link (http://www.foolmart.com/market/product.asp?pfid=MF+013+I) to read more about this amazing collection of tax information. (Apologies for the shameless plug…but it is a pretty good book…if I do say so myself). In addition, if you would like to visit the Taxes FAQ (Frequently Asked Questions) area, click on http://www.fool.com/school/taxes/taxes.htm and you'll be right at the home page. Pay special attention to the "archives" section. Check it out. Finally, if you need to get to the IRS web site, click on http://www.irs.ustreas.gov to go directly there.
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