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Can Education IRA Assets Be Moved?

This is the internet’s source for information on Retirement Accounts.  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.

The following pages define the Education IRA.   

                               

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You can roll over assets from one education IRA to another,  You can also change the designated beneficiary's interest to a spouse or former spouse. 

Rollovers

Any amount withdrawn from an education IRA and rolled over to another education IRA for the benefit of the same designated beneficiary or certain members of the designated beneficiary's family is not taxable.  This rule applies only if the beneficiary of the new IRA is under age 30 on the date of the rollover contribution to the new IRA.

An amount is rolled over if it is paid to another education IRA within 60 days after the date of the withdrawal.

Members of the beneficiary's family.  The beneficiary's spouse and the following individuals (and their spouses) are members to the designated beneficiary's family.

  1. The beneficiary's child, grandchild, or stepchild.
  2. A brother, sister, stepbrother, or stepsister or the beneficiary.
  3. A son or daughter of the beneficiary's brother or sister.
  4. The father, mother, grandfather, grandmother, stepfather, or stepmother of the beneficiary.
  5. A brother or sister of the beneficiary's father or mother.
  6. The beneficiary's son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law.

CAUTION!!!  Only one rollover per education IRA is allowed during a 12-month period ending on the date of the payment or distribution.

Changing the designated beneficiary.  The designated beneficiary can be changed to certain members of the beneficiary's family .  There are no income tax consequences if, at the time of the change, the new beneficiary is under age 30.

Transfer because of divorce.  The transfer of a designated beneficiary's interest in an education IRA to his or her spouse or former spouse under a divorce or separation instrument is not a taxable transfer.  After the transfer, the interest will be treated as an education IRA in which the spouse or former spouse is the designated beneficiary.

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