Business Services Industry
Educational IRAs for children.
Kiplinger Tax Letter, The, February, 1998
On educational IRAs for children. Guidance from Internal Revenue in the guise of model forms for Education Individual Retirement Accounts: Forms 5305-E for educational IRA trusts and 5305-EA for custodial ones. Both forms are for use by IRA sponsors...they aren't to be filed with IRS. Sponsors can be banks, brokers, etc...any outfit that can hold IRA funds.
Forms require similar information: Name of the person setting up the account and his or her social security number...so that IRS can see if that person's income lets him or her set up such an account. To do so, the adjusted gross income must be under $160,000...$110,000 if single. Under $150,000 & $95,000, respectively, to put in the full $500 per child.
Plus the name, age and social security...
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