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My wife and I have an 18 month old son and are interested in saving for his college education now. We have $2000 set aside to get started with, and would like to add to that as money becomes available.

After reviewing the Foolish information on the subject, we're still not quite sure which vehicle would be best for obtaining the best tax break as well as rate of return.

Would you please clarify: If I opened a Roth IRA in my name, would I be able to withdraw funds from this account in 18 years, penalty free, so long as the funds are used for higher education?

I understand gift trusts/kid trusts have limited tax benefits, and the Education IRA has a limit of $500 a year.

I'm not sure if we have the facts straight or not. Would you please advise? Thanks so much.
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