Education IRA

/ˌedjυ'keɪʃ(ə)n ˌaɪrə/ noun US
an account in which people can contribute up to $500 annually for the education of a child or a grandchild under the age of 18. These contributions are not tax-deductible but can grow tax-free. There is no tax on withdrawals as long as the child uses them (by the time he or she is 30) to pay for higher education.
Full form Education Individual Retirement Account

Dictionary of banking and finance. 2015.

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