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The Education IRA

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Education IRAs, created in 1997, allow you to make after-tax contributions to the account, but your withdrawals are not taxed at the federal level if they are used for college tuition, fees, room, board, or books. You can open education IRAs at banks, brokerage houses, or other financial institutions.

A child may have more than one education IRA in his or her name, but the total contributions to all of them combined cannot exceed $2,000 a year. Education IRAs are not available to high-income families; please consult your financial advisor to determine eligibility.

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