The Wealth of Choices by Alan Murray

Author:Alan Murray
Language: eng
Format: epub
ISBN: 9780676806601
Publisher: Crown Publishing Group
Published: 2002-02-05T00:00:00+00:00

Education IRAs. These IRAs are also a product of the 1997 tax bill. If your income falls below certain caps—about $150,000 for joint filers—you can put $500 a year into an EIRA. There’s no up-front deduction, but earnings accumulate tax free and no taxes are paid on withdrawal if earnings are used for higher education. There’s pressure in Congress to expand the annual contribution limit.

One twist: You can’t contribute to a state tuition plan and an EIRA in the same year without incurring a tax penalty.

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