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Educational IRAs
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Will
Sep 16, 2005, 2:21:28 PM9/16/05
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I have heard that there is at least one kind of IRA that can be used
specifically to fund college education. Is there any way to transfer money
laterally from a different kind of IRA (e.g., SEP IRA, or company 401K) into
the educational IRA?
specifically to fund college education. Is there any way to transfer money
laterally from a different kind of IRA (e.g., SEP IRA, or company 401K) into
the educational IRA?
--
Will
smit...@aol.com
Sep 16, 2005, 5:04:39 PM9/16/05
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What you are referring to is now called a Coverdell Educational Savings
Account, or ESA. It is not an IRA and does not follow any of the rules
for IRAs. You cannot fund the ESA with transfers or rollovers from
traditional IRAs or 401K plans.
See Pub 970 for additional information.
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