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An investment tool exclusively for paying
qualified education expenses of a child's education. An ESA is
handled like an IRA with annual contributions allowed per child.
How
it Works
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Anyone
can set it up |
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Uses after-tax funds that may grow tax-free |
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May be distributed to the beneficiary to pay for education
expenses |
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Funds must be used by age 30, or will be taxed |
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Eligible schools
include elementary, secondary (middle and high school), college,
vocational and graduate programs. May be used for private,
parochial or public school expenses. |
Best Suited For:
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May help parents, grandparents, family members, even businesses
invest funds for a child's education expenses. |
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Funds may be contributed in one amount or in multiple amounts
from different sources, or through automatic transfers from
a Whitney account. |
Use of Funds
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Qualified expenses include tuition, books, fees and supplies
and software, room and board, and equipment (including computers
if required). |
Contribution
Qualification
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Contributions are subject to grantor's income limits |
To open an ESA, please visit any Whitney
location. Our Sales Associates will help you design a program
suited to your goals.
For more information, Whitney has very
informative brochures about all of our IRA and ESA options. Please
ask any Sales Associate for additional information.
If you have questions about your individual
tax situation or eligibility for an IRA or ESA, please consult
your tax advisor.
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Learn
more about Roth and Traditional IRAs
Benefits
of Whitney IRAs
Make additional deposits to your
IRA plan up to the annual contribution limit.
Whitney can help you set up a monthly automatic
deposit program so saving can be easier than ever.
No Origination or Maintenance Fees
for Deposit IRAs
All your contributions earn interest in Whitney
IRAs.
Flexible Tax Advantages Traditional
IRAs allow tax-deferred earnings until you begin future withdrawals
when you may be in a lower tax bracket. Allows many to enjoy a
federal income tax deduction for the funds contributed to a Traditional
IRA. Roth IRAs feature tax-free earnings and withdrawals.
No withdrawal penalty to change
from Traditional IRA to Roth IRA
Check with your tax advisor to determine any
tax implications for making this change.
IRA Deposits are separately insured
from your other deposits by the FDIC
Learn
more about Roth and Traditional IRAs |
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