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Jacki -- I think you misunderstood the point of my last post. IF you qualify for the Hope credit and your children are in college, you may not use the Hope credit if you receive a tax-free withdrawal from an education IRA. This is found in Publication 970, page 4.
As usual, there are lots of ways to save for college and one size doesn't even come close to fitting all
Of course, I realize this -- I just thought I was sharing another point of view. I'm happy for you that in one year your $500 contribution grew to $2000 (I'd love to know how you did it), but for me the $1500 Hope credit that we received for OUR Freshman son was more than anything we could have made in a one-year contribution to an Ed.IRA. BTW, our salary doesn't even come close to $100,000.
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