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Advantages vs. Disadvantages

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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Advantages:

  1. Tax-free growth.  Investments in an Education IRA can grow tax-free.
  2. Adult control.  To ensure assets are used for education, the parent or guardian can maintain control over the account until the child reaches age 30.
  3. Flexible contributions.  Any qualifying individual can contribute to an Education IRA.
  4. The option to rollover unused assets from one education IRA to another child's Education IRA

 

Disadvantages:

  1. May limit eligibility for other programs.  You may not be able to take advantage of certain other college savings programs or tax credits, such as Hope Scholarship Credit, prepaid tuition plans, and Lifetime Learning Credit, in years when you take Education IRA distributions.
  2. You are limited to a maximum annual contribution of $2000 per child. 
  3. Your annual contribution is not tax deductible

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