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cfofool writes;

in message 55847
http://boards.fool.com/Message.asp?mid=16253960

Beginning in 2002, you can make deposits to an Ed IRA and a 529 plan in the same year. I believe the income limits for the ED IRA are also being adjusted.

Check out the message boards at savingforcollege.com for more info.


I find no message on savingforcollege.com adressing this point.

Education IRAs are now called Coverdell education savings accounts and are addressed in Publication 970. However, publication 970 is not currently available on the IRS website. Can anyone point me to a reference where someone may make deposits to an Ed IRA and a 529 plan in the same year penalty free.

Is it true that this is a penalty that keeps on giving; you have to pay the penalty every year as long as the funds (that were origionally penalized) remain in the account?
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