{"id":304,"date":"2021-09-14T17:43:15","date_gmt":"2021-09-14T17:43:15","guid":{"rendered":"https:\/\/nrccu.org\/?page_id=304"},"modified":"2024-10-17T07:42:22","modified_gmt":"2024-10-17T12:42:22","slug":"educational-ira","status":"publish","type":"page","link":"https:\/\/dev.wafishermn.com\/nrccu\/savings-and-checking\/investing\/educational-ira\/","title":{"rendered":"Educational IRA"},"content":{"rendered":"\n\n\t<p>The educational IRA is another name for the Coverdell Educational savings account. This is a tax advantage savings account for higher education.<\/p>\n<h2>Costs and Considerations<\/h2>\n<ul>\n<li>No annual fee<\/li>\n<li>The beneficiary must be under the age of 18 to receive contributions and must make all withdrawals by age 30. <em>Must be made within 30 days after turning 30.<\/em><\/li>\n<\/ul>\n\t<h2>Features and Benefits<\/h2>\n<ul>\n<li>Fixed rate at 0.75% dividends are compounded and paid quarterly<\/li>\n<li>No outgoing transfer or rollover fee<\/li>\n<li>Distributions may only be used for qualified educational expenses of tuition, fees, books, supplies, equipment, and room and board for at least half-time students<\/li>\n<li>Contributions are not tax deductible, but earnings are tax-free<\/li>\n<li>Total contributions for any one beneficiary are limited to $2000 per year<\/li>\n<li>Account is held in the name of the minor<\/li>\n<li>Educational IRA funds can be rolled over to another individual if not used by the original individual names<\/li>\n<li>A death beneficiary may be named<\/li>\n<\/ul>\n\t\t\t<a href=\"\/contact-us\/\" target=\"_self\" rel=\"noopener\">\n\t\t\t\t\t\t\tAsk a Question\n\t\t\t\t\t<\/a>\n\t\t\t<a href=\"\/resources\/about-us\/join-northridge\/\" target=\"_self\" rel=\"noopener\">\n\t\t\t\t\t\t\tBecome a Member\n\t\t\t\t\t<\/a>\n<h2>\n\t\tYou Might Also Like\n\t<\/h2>\n\t\t\t<a href=\"\/savings-and-checking\/savings\/other-savings\/\" target=\"_self\" rel=\"noopener\">\n\t\t\t\t\t\t\tOther Savings\n\t\t\t\t\t<\/a>\n\t\t\t<a href=\"\/savings-and-checking\/investing\/roth-ira\/\" target=\"_self\" rel=\"noopener\">\n\t\t\t\t\t\t\tRoth IRA\n\t\t\t\t\t<\/a>\n\t\t\t<a href=\"\/resources\/about-us\/contact-us\/\" target=\"_self\" rel=\"noopener\">\n\t\t\t\t\t\t\tOur Locations\n\t\t\t\t\t<\/a>\n\n","protected":false},"excerpt":{"rendered":"<p>The educational IRA is another name for the Coverdell Educational savings account. This is a tax advantage savings account for higher education. Costs and Considerations No annual fee The beneficiary must be under the age of 18 to receive contributions and must make all withdrawals by age 30. Must be made within 30 days after [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":881,"parent":124,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-304","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Educational IRA Account | NorthRidge Community Credit Union<\/title>\n<meta name=\"description\" content=\"The educational IRA is another name for the Coverdell Educational savings account. 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