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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 If the money is withdrawn before then, a penalty is charged. However, if the money is used for education expenses, it can be withdrawn tax-free.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 The contributions, along with any interest earned, are not taxed until the money is withdrawn after the account holder reaches 59 1/2 years old. If the money is withdrawn before then, a 10% penalty is applied.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are not tax-deductible, but no further taxes are assessed on the contributions or accrued interest when the money is withdrawn, as long as all applicable rules are followed.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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Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
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