Most high school graduates are pretty much on their own when it comes to furthering their education,A Course In Miracles IRAs and Other IRA Accounts Articles since parents are not able to help due to the increased cost of living throughout the United States. This was usually the case until just recently, when many different programs were developed for aspiring college students to make their dreams come true. Because not all students qualify for financial aid and other programs, they are left to cover the entire cost of their education, including books, lab fees, and living costs.
One program that was recently developed is the Education IRA, which works just like a retirement IRA. IRAs are meant to help people save up for a certain event in their life, like retirement or college education. The Education IRA is meant to help students save up for their college education, unlike other programs, which only offer tax incentives for high education expenses.
An Education IRA is a tax-advantaged saving account program that was created in 1997 by the Taxpayer Relief Act. Anyone is able to contribute to an Education IRA, whether related to the account beneficiary or not. There is a $2,000 maximum limit to an Education IRA, as long as the parent�s earned income is under $190,000. Families with smaller incomes are able to make smaller contributions to the account, and individual filers are also granted the same option for contribution.