Journal article
TRA '97: education tax incentives
Management accounting (New York, N.Y.), Vol.80(2)
01 Aug 1998
Abstract
The Education Individual Retirement Account (Ed-IRA) is one of the new tax incentives offered by the Tax Reform Act of 1997. Ed-IRAs are trusts or custodial accounts established by contributors to pay the qualified higher education expenses of a beneficiary. These qualified expenses are the same as those under the Hope Credit and Lifetime Learning Credit. The only difference is that qualified expenses under Ed-IRAs can include room and board if beneficiaries are enrolled in programs that lead to recognized educational credentials and carry at least half of the full-time work load. Ed-IRAs contributions are nondeductible but eligible for gift tax exclusion. These are also tax-free until distributed. Taxpayers can begin contributing to an Ed-IRA starting Jan 1, 1998 for children under 18 so long as contributions do not exceed $500.
Metrics
1 Record Views
Details
- Title
- TRA '97: education tax incentives
- Creators
- Jennifer C ProctorAnthony P Curatola
- Publication Details
- Management accounting (New York, N.Y.), Vol.80(2)
- Publisher
- Institute of Management Accountants
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- Accounting
- Identifiers
- 991020531875104721