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Account Features

A tax-advantaged account used to pay for childrens' educational expenses. Beneficiaries must be 18 years old or younger when the account is established. The age restriction may be waived for special needs beneficiaries. Funds saved under an education IRA are meant to be used to cover future educational expenses.

  • $2,000.00 per designated beneficiary per year (nondeductible)
  • Designated beneficiary must be under age 18 at the time of contribution
  • Special needs beneficiary may receive contributions after age 18
  • Anyone - No age restriction
    • No earned income required
    • Modified Adjusted Gross Income (MAGI) within limits (Joint filers with a MAGI of less than $190,000.00 ($95,000.00 for single files) can contribute up to the full amount)
    • Corporations and other entities (MAGI limits do not apply to entities)
    • Contributor may contribute to an unlimited number of designated beneficiaries
  • Must be taken by age 30 or transferred/rollover to an eligible family member (new beneficiary) of the first beneficiary under age 30.

Distributions are tax-free when the funds are used to pay education expenses for the child, including tuition, books, equipment, special needs services, and even academic tutoring. Education Savings account funds can be used for primary and secondary schools (grades K-12) as well as higher education.

  • Adult is the owner of the account and the Child is the beneficiary. Funds must be used to cover the child’s educational expenses. The Child does not get control of the funds at any point.
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