Educational IRAs
This plan is also nondeductible and offers taxdeferred earnings. The Education IRA can only be used for education costs (including tuition, books, supplies, etc.) at college and vocational schools. Currently there is a $2,000 maximum contribution per year, per child. This is phased out if your modified AGI is between $150,000 and $160,000 for joint returns and $95,000 and $110,000 for singles.
For more information on Educational IRAs and the best fit for you, contact your tax advisor.
