Modified adjusted gross income. Your modified adjusted gross income for the purpose of determining the contribution limit is the adjusted gross income shown on your return, increased by the following exclusions from your income. Foreign earned income of U.S. citizens or residents living abroad. Housing costs of U.S. citizens or residents living abroad. Additional tax on excess contributions.
Excess contributions are the total of the following three amounts.
All contributions to a child's education IRA for the year if any amount is also contributed during the year to a qualified state tuition program on behalf of the same child. However, amounts distributed from the education IRA to be contributed to the qualified state tuition program are not excess contributions. When Contributions Can Be Made You can make contributions to an education IRA for a year at any time during the year. The last day you could have made a contribution for 2000 was December 31, 2000. You also cannot contribute to an education IRA after the beneficiary reaches age 18.