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Educational IRA

Enjoy tax-free withdrawals for a very specific purpose – funding a child’s education expenses.

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This type of IRA allows a parent, legal guardian or even an entity such as a corporation or a tax-exempt organization to make contributions (within certain limits) on behalf of a designated beneficiary such as a child or grandchild that is under the age of 18.
  • Tax-free growth
  • Parent controls account until child reaches age 30
  • Contributions may be made by individuals, corporations or non-profits
  • 24-hour access to First Connection telephone banking 731.286.5064 or 1.800.381.3262
  • Available to persons under the age of 18
  • Maximum annual contribution of $2,000 per child
  • Annual contributions are not tax-deductible

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