Katie Bensel | October 16, 2020
Savings account designed to allow individuals / families to save for qualified higher education expenses in a tax-advantaged manner. Learn More
Savings account designed to allow individuals / families to save for qualified higher education and K-12 expenses in a tax-advantaged manner. These accounts have limitations including age, income, and yearly contribution.
Taxable investment account set up for a minor (beneficiary) by a custodian (typically a parent or guardian) until the minor reaches a specified age. Funds added to these accounts are considered irrevocable gifts and must be used for the benefit of the minor. Funds in these accounts are considered to be assets of the beneficiary.
Taxable investment account with highly flexible investment opportunities. There are no age, income, or yearly contribution limitations when investing in these accounts. Funds in these accounts are considered to be assets of the owner.
Retirement savings vehicles that allow taxpayers to save for retirement in a tax-advantaged manner. These accounts are subject to yearly contribution limits and Roth IRAs are subject to income limitations. These accounts are primarily designed to be retirement savings vehicles, however, there are situations in which qualified higher education expenses can be withdrawn without penalty.
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