IRA’S- This is an overview of each IRA if you have any questions please contact one of our IRA representatives   
Please select the IRA that you are interested in below

EDUCATIONAL IRA'S 

                        Who can contribute? 

-Same Eligibility requirements as the Roth IRA, except contributor’s income does not have to come from compensation. 

-The phase out range as described in Roth IRA for joint filers increases to the MAGI of $190,000 to $220,000.  Income rules for single filers are the same. 

-Education IRA’s can be used is conjunction with HOPE credit, Lifetime Learning credit, or Section 529 plans 

-Special needs beneficiaries, to be defined by the Treasury, can make contributions after the age of 18 and will not be required to receive a distribution of their account balances by age 30 

Contributions not allowed:

            -Once the designated beneficiary of the Education Ira reaches 18

            -In any year that a contribution is made to state tuition program for the same IRA beneficiary 

                        How Much can I contribute? 

-$2000 total for each year for all accounts opened on each child’s behalf 

-Contribution deadline is April 15 of the following tax year 

                        Tax benefits 

-Withdrawals including earning are tax and penalty free for qualified higher education expenses (including elementary and secondary education) 

-Funds can be transferred from one child’s account to another child in that family 

                        Qualified Expenses 

-All existing expenses for higher education plus expenses for primary and secondary education (K-12), including home computers to be used by the beneficiary and his or herfamily during that period.