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Save for College with an Education IRA
The Coverdell Education IRA (EIRA) is a great way to save for college. An EIRA allows you to set aside money for qualified post-secondary education expenses of a designated beneficiary. Contributions to an education IRA and earnings from an EIRA account are tax-free when withdrawn. This allows you to pay for qualified education expenses tax-free—expenses such as tuition, fees, books, equipment and supplies.
1 Please check with your tax advisor for the benefits of an IRA in your specific situation.