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Who can contribute?

Anyone under age 70.5 who has income from compensation (or who is filing jointly with a spouse who earns compensation).

Tax benefits

• Certain contributions are tax-deductible.
• All earnings are tax-deferred
• Distributions for a first-time home purchase, or higher-education expenses are penalty-free

Who can contribute?

• Anyone under age 70.5 who has income from compensation (or is filing jointly with a spouse who earns compensation) with the following MAGI*:
  - Up to $95,000 (single filers)
  - Up to $150,000 (joint filers)
• Reduced contributions allowed for higher incomes (up to $110,000 for single filers and $160,000 joint filers).

Tax benefits

• Contributions are non-deductible, but qualified distributions (e.g. after age 59.5 or for a fist-time home purchase) are tax-free.
• Distributions are penalty-free for:
  - Higher-education expenses
  - Large medical expenses
  - Certain health insurance premiums

What is the Education IRA?

A new kind of tax-advantaged savings account solely for the purpose of helping you pay for your child's higher-education expenses, such as college tuition, books, and room and board.

What is the most I can contribute?

Up to $500 per year per child.

Who can contribute?

Anyone who has income from compensation (or who is filing jointly with a spouse who earns compensation) with the following MAGI*:

• Single filer with MAGI* between $95,000 and $110,000
• Joint filer with MAGI* between $150,000 and $160,000
• If your income exceeds $110,000 as single taxpayer or $160,000 as a joint filer, you can't make a regular Education IRA contribution for that year.

Tax benefits

Qualified withdrawals are both tax-free and penalty-free.