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The Uniform Transfers to Minors Act (UTMA) allows adults to act as custodians and open accounts for minors.
All states, except South Carolina and Vermont, have adopted the UTMA. Those two states use the Uniform Gifts to Minors Act (UGMA). Details of the account types are similar:
IRAs are meant to help you retire comfortably. Although penalty-free withdrawals from IRAs generally are permitted for qualified higher education expenses, you may owe income taxes on any earnings and deductible contributions. And remember, the use of IRA investments for college expenses may affect your long term retirement goals.
Please call an Investment Consultant at 1-800-345-2021 to explore whether an IRA is the best option for your college investment needs.
IRA investment earnings are not taxed. Depending on the type of IRA and certain other factors, these earnings, as well as the original contributions, may be taxed at your ordinary income tax rate upon withdrawal.
Please consult your tax advisor for more detailed information regarding the Roth IRA or for advice regarding your individual situation.
A 10% penalty may be imposed for early withdrawal before age 59½.
Before investing, consider the investment objectives, risks, and charges and expenses associated with investing in 529 Plans. More information about 529 Plans is available in the issuer's official statement, and it should be read carefully before investing.
Past performance is not a guarantee of future results. Investment return and principal value will fluctuate and it is possible to lose money by investing.