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wsterry writes (in part):

If I contribute $500 per year to my daughters education IRA and also make a contribution to a state college savings plan, I'm required to pay a 6% excise tax on the eductional IRA contribution.

I reply:

As you surmised, you are missing something. If any contributions are made to your daughter's Education IRA in a year, then $500 is the maximum allowable contribution to all Education IRAs and 529 plans for her benefit for that year. --Bob
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