College Funding

Part 2

Preparing for College Funding

In my last post, I started to explain the different ways that parents (or whomever) can prepare for college funding. This post covers 4 additional ways.

Again, here is a handy dandy chart:

Like Traditional IRAs, contribution limits apply to Roth IRAs. In addition, with a Roth IRA, your allowable contribution may be reduced or eliminated if your annual income exceeds certain limits.

Contributions to a Roth IRA are never tax deductible, but if certain conditions are met, distributions will be completely income tax free.

Unless certain criteria are met, Roth IRA owners must be 59½ or older and have held the IRA for five years before tax-free withdrawals are permitted.

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