Marshfield News-Herald - Local News -
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Published on: 1/4/2002
Last Visited: 1/5/2002
According to M&I Financial Advisor Terry Knoll, Marshfield, the money can now be used for parochial schools and colleges.
To qualify for the Education IRA, a single person cannot earn more than $110,000 annually, and a married couple's adjusted gross income cannot exceed $220,000.
The money must be used by the time the child reaches age 30, or the money can roll over to another child.
The Qualified Tuition Program 529 also underwent major changes in 2001 and 2002.According to Knoll, a person can contribute up to $246,000 to the fund.The program does not have an income limit.
The 529 must be used for higher education, Knoll said, and the plan's investments can only be adjusted once a year.