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IRA's - 401K's - Mutual Funds Section Home Mutual Fund Center IRA Center Education Center   IRA 401K Mutual Fund Glossary  Information Requests  Rollover Your 401k or Other Retirement Account   Open an IRA   Open a Mutual Fund Account   Request More Information   Speak with a Licensed Professional   Analyze Your Current Mutual Fund Holdings  IRA-401K-Mutual Fund Disclaimers IRA Center This is the internet’s source for information on Retirement Accounts for beginners and professionals. The following information covers traditional IRAs, roth IRAs, 401(k)s, 401(k) rollovers, SIMPLE IRAs, SEP IRAs, 403(b)s, SARSEPs, Keoghs, Pension Plans. Do you participate in a retirement plan through your employer? You may be illegible to start a Traditional or Roth IRA as well. EDUCATION IRAs You may be able to contribute up to $500 each year to an education individual retirement account (education IRA or Ed IRA) for a child under age 18.  Contributions to an education IRA are not deductible. Any individual (including the child) can contribute to a child's education IRA if the individual's modified adjusted gross income (AGI) is not more than $110,000 ($160,000 on a joint return).  The $500 maximum contribution for each child is gradually reduced if the individual's modified adjusted gross income is between $95,000 and $110,000 (between $150,000 and $160,000 on a joint return).  There is no limit on the number of education IRAs that can be established designating the same child as the beneficiary.  However, total contributions for the child during any tax year cannot be more than $500. Amounts deposited in the accounts grow tax free until distributed (withdrawn). If, for a year, withdrawals from an account are not more than a child's qualified higher education expenses at an eligible educational institution, the child will not owe tax on the withdrawals. Why Not Start an IRA (Traditional or Roth) for your child? What Is an Education IRA? Advantages vs. Disadvantages Who Can Contribute to an Education IRA? Can Education IRA Assets Be Moved? Are Withdrawals From an Education IRA Taxable? When Must Education IRA Assets Be Distributed?

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