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LSDefine

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 If the money is withdrawn before then, a penalty is charged. However, if the money is used for education expenses, it can be withdrawn tax-free.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 The contributions, along with any interest earned, are not taxed until the money is withdrawn after the account holder reaches 59 1/2 years old. If the money is withdrawn before then, a 10% penalty is applied.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are not tax-deductible, but no further taxes are assessed on the contributions or accrued interest when the money is withdrawn, as long as all applicable rules are followed.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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join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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