Assets of multiple Education IRAs cannot be commingled, except in common trust fund. First-time home purchase. Higher education expenses incurred and paid after December 31, 1997. Certain medical expenses. See your tax advisor to determine state tax treatment.
Unused amounts go to beneficiary's estate upon death.
Amounts remaining in IRA when beneficiary reaches 30 must be distributed and are subject to early withdrawal penalty and income taxes applicable to earnings. See your tax advisor to determine state tax treatment. No changes to rules governing rollovers from employer-qualified plans or from other Traditional IRAs. Subject to income tax. No early withdrawal penalty.