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Simple English definitions for legal terms

education individual retirement account

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A quick definition of education individual retirement account:

An Education Individual Retirement Account (IRA) is a special type of savings account that helps people save money for education expenses. It works like a regular IRA, where a person can contribute a certain amount of money each year. The money in the account grows tax-free until the person reaches 59 1/2 years old. If the money is withdrawn before then, a penalty is charged. However, if the money is used for education expenses, it can be withdrawn tax-free. This type of IRA is a great way to save for education costs and reduce taxes.

A more thorough explanation:

An Education Individual Retirement Account (IRA) is a type of savings or brokerage account that allows a person to contribute a certain amount of earned income each year. The contributions, along with any interest earned, are not taxed until the money is withdrawn after the account holder reaches 59 1/2 years old. If the money is withdrawn before then, a 10% penalty is applied.

One type of IRA is the Roth IRA, which is named after Senator William Roth. Contributions to a Roth IRA are not tax-deductible, but no further taxes are assessed on the contributions or accrued interest when the money is withdrawn, as long as all applicable rules are followed.

Another type of IRA is the Keogh Plan, which is designed for self-employed individuals or small business owners.

An Education IRA is a specific type of IRA that allows tax-free withdrawals if the funds are used for education costs. Before 2002, the annual contribution limit was $500, but it increased to $2,000 per year for families with incomes under $190,000.

For example, if a person contributes $1,000 to an Education IRA and earns $100 in interest, they will not pay taxes on that $1,100 until they withdraw it after reaching 59 1/2 years old. If they withdraw the money before then, they will have to pay a 10% penalty. However, if they use the money for education costs, they can withdraw it tax-free.

educational neglect | EEC

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JumpySubsequentDolphin
12:57
@glovediedthisishismom: GNXXXX
babycat
12:59
I heard if you apply YM at Brooklyn specifically it’s the equivalent of like a 5 LSAT point boost
HopefullyInLawSchool
13:00
^^^^This
13:00
does anyone have any information on lsu? I have only heard of 1 person getting a decision and its driving me insane
HopefullyInLawSchool
13:01
Just info on their YM applications but nothing else
HopefullyInLawSchool
13:02
@BeFree03:
13:04
yeah thats all i am seeing as well. i have literally looked everywhere trying to find at least a time of day for decisions but theres nothing
CuriousPanda2362
13:04
I feel like it’s the calm before the storm
CuriousPanda2362
13:05
Big movement are bound to happen soon but it’s so eerily quiet
HopefullyInLawSchool
13:05
^^^^Me taking a dookie
CuriousPanda2362
13:05
Lmao
babycat
13:06
Ehh I think schools will prob release information on their YM applicants first before they even get to RD
babycat
13:06
I wouldn’t expect RD applicants to hear anything until after Thanksgiving bc they prioritize YM so heavily
HopefullyInLawSchool
13:06
I heard theyll do that at LSU but not 100% sure
2big2fail
13:09
berkeley status checker is so funny
13:11
berk today will be Huge if it happens
2big2fail
13:12
i think berkeley next wave will be in december
13:13
that is probable i just have a funny where i say “berk today” every single day
2big2fail
13:13
makes sense
@JumpySubsequentDolphin: TODAY IS OUR DAY also 1pm est or pst?
JumpySubsequentDolphin
13:14
YEAHHH SPLITTY. also PST
yo mama jokes will never not be funny
everyone trying to YM each other but no JM... damn :/
AHAHAHAAH
i'm lying in wait dw
if no gtown today i'm crashing out so bad yall don't even know
i will not be racist or say slurs tho unlike Some people
how bad on a scale of wild- evol bunny
HAHAHAH
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