Go to Jeff Salisbury LWGate Home Page.From: greta.taglieri@iis.varian.com (Taglieri Greta)
Subject: Re: Education IRA anyone
Date: Tue, 26 Jan 1999 17:52:52 -0500
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>Date: Sun, 24 Jan 1999 05:08:17 GMT >From: dulnev@jhu.edu (Jason Dulnev) >Subject: Re: Education IRA anyone > >On Thu, 21 Jan 1999 08:29:43 -0700, you wrote: > >>Date: Tue, 19 Jan 1999 07:53:26 -0500 >>From: Somesh Rao <somesh@syl.nj.nec.com> >>Subject: Education IRA anyone ... >> >>Does anyone have an opinion on the Education IRA? Is it a good >>idea? Do I have till April 15th to put aside money for my son? >> >>Thanks >> >>Somesh > >It's certainly a great idea to put money in Educational IRA. While you >don't get any deductions for contributions, you also don't pay any >taxes on earnings. If you're going to invest for your son's education, >why not take advantage of the tax benefits? It's a pity it's only >$500. My son was just born so I should be able to get enough money for >less than one year tuition at a private school (considering growth of >the investment). That's not much, but every bit helps. >Unfortunately you missed the boat for 1998, the account had to be open >before the end of year. I got lucky: I saw an article on the topic in >the WSJ just five days before the end of year. Otherwise I'd miss the >boat too, just like millions of other people. > >Jason Dulnev >dulnev@jhu.edu Are you sure about this? I called around 12/29/98 and was told I had until April 15, 1999 to make a contribution to the Education IRA for 1998. I suppose I'll need to try calling again. $500 certainly is not a large amount to have for a cap. Have they looked at the cost of secondary education??? The major disadvantage that people have been pointing out is that the money will be considered as belonging to the child for purposes of financial aid/scholarships. I remember how frustrated I was when I was in high school and kept getting turned down for scholarships just because there was money in my name. I'd hate to do that to my children, but I will probably make at least one deposit into an Education IRA, even if I don't fund it every year. Greta Taglieri greta.taglieri@iis.varian.com - -
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