Newspaper Page Text
Families can now get a tax-free
IRA for children’s education
The value of a quality
education can't be measured
in dollars and cents. But for
many American families, it’s
one of the biggest financial
challenges.
Os course, it’s smart to
save as much as possible, as
soon as possible. And that
goal just became easier to
reach with the Education
Savings Account (Education
IRA).
In the Economic Growth
and Tax Relief Reconciliation
Act of 2001, Congress has
enhanced the
provisions in
these accounts to
make them much
more useful to
taxpayers.
This legisla
tion allows indi
viduals to save
for a child’s edu
cation expenses
with an account
An annual, non
deductible contribu
tion of $2,000 per
child can be made
until the child's 18th
birthday.
99
that affords tax-free growth
and distribution opportuni
ties. Now, any individual
parents, grandparents, rela
tives or friends who wants
to make an investment in a
child’s future can do so.
An annual, non-deductible
contribution of $2,000 per
child can be made until the
child's 18th birthday.
Special-needs children may
be allowed contributions even
later.
Contributions can be
made up to April 15 after the
close of the tax year for
which the contribution is
being made.
Congress has also
increased the income limits
for those contributing to an
IRA. For those married filing
a joint return, full contribu-
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BUSINESS & INDUSTRY
tions can be made if you have
adjusted gross income (AGI)
of up to $190,000.
Single filers with an AGI
of up to $95,000 can make a
full contribution. Joint tax fil
ers with an AGI of up to
$220,000, and single tax fil
ers with AGIs of up to
$110,(XX). may make reduced
contributions.
The beneficiary of an
Education Savings Account
can take withdrawals tax-free
until age 30 for all annual
qualified education expenses.
If these
funds are
not used
in this
way, any
earnings
may be
subject to
ordinary
income
taxes plus
a 10 per-
cent tax penalty.
Among the enhancements
included in the legislation,
you will find good news for
children enrolled in public
and private (including
parochial) primary and sec
ondary schools.
Expenses for grades K
through 12 that qualify for
payment from these accounts
will include tuition, fees,
books, uniforms, supplies
and equipment, transporta
tion. extended-day programs
as provided or required by
the school, academic tutor
ing. and the purchase of com
puter technology, equipment,
educational software, and
Internet access.
Os course, public and pri
vate undergraduate and grad
uate school expenses
tuition, room and board, fees,
books, supplies, and equip
ment are also considered
qualified expenses to be paid
from the accounts.
Further good news
includes a taxpayer’s ability
to contribute to state-spon
sored 529 college savings
plans in the same year they
contribute to an Education
IRA.
Before deciding on the
right savings program for the
youngsters in your family,
you will want to talk with
your tax consultant and your
financial advisor. But don’t
delay! Seize the opportunities
available through the
RELIEF Act to build a sound
education plan for your fami
ly-
This column is produced
by the Financial Planning
Association, the membership
organization for the financial
planning community, and is
provided by John M. Weaver,
Sr. Vice President-Investment
Officer, Murphy Office
Center, 210 Dahlonega St.,
Suite 103-A, Cumming. GA,
with Wachovia Securities,
LLC, member NYSE and
SIPC, and a broker/dealer
member in good standing of
the FPA. Call John Weaver at
678-455-0016.
Wachovia Securities does
not provide tax or legal
advice. Please consult with
your own tax and legal advi
sors before taking any action
that would have tax conse
quences. Insurance products
are available through insur
ance subsidiaries of
Wachovia Corporation and
other underwriters. Not
available in all states.
STOCK MARKET UPDATE
market in brief stocks of local interest
At the close of gjg n Stock Last Change
April 2,2004 ATG AGL Resources 29.22 -0.06
BLS BellSouth Corp. 27.61 +0.05
DOW +97.26 DELL Dell Computer 34.69 +0.66
DAL Delta Air Lines 8.47 +0.38
F Ford Motor Company 13.66 +0.24
t Volume: GP Georgia Pacific 34.15 +0.15
10,470.59 GM General Motors 46.60 -0.49
HD Home Depot 36.68 -0.40
INTC Intel Corp. 28.02 +0.64
KO Coca-Cola Company 50.78 +0.35
MCD McDonalds Corp. 28.94 +0.03
MSFT Microsoft 25.83 +0.76
S&P 500 +5.96 PEP Pepsico Inc. 53.85 -0.30
RF Regions Financial 36.55 -0.33
SFA Scientific Atlanta 34.16 +1.41
SGMS Scientific Games 20.16 +0.20
SO Southern Company 30.36 -0.23
T AT&T 19.60 +0.30
TSN Tyson Foods 18.16 -0.09
IBBBsI UPS United Parcel Service 70.47 +0.43
WB Wachovia Corp. 46.42 -0.84
WMT Wal-Mart Stores Inc. 58.60 +0.25
NASDAQ +42.20
t Volume: John M. Weaver
2,057.20 Senior Vice President, Investment Officer
’’eXT' Wachovia
(678) 455-0016 SECURITIES
M // Come close and listen to a story
/ / that will change your life forever.
Once upon a cross,
x j r Love's saga completed,
/ UNCE Forever retold -
/ / UPON '/J Never repeated!
! n singular Lamb,
// / The Law's final call -
/' U sacrifice offered
jry\ / J g Once and for all!
J Come |oin the CCC choir as we reflect upon the cross of Calvary
and worship the Christ who died upon it and is alive forevermore!
Christ Palm Sunday - April + at opm
J Community 5+55 Campground Road. Cumming
F Church 770-++2-Sooo
Crescent' —
People You Know... People You Trust
■ Crescent Bank is
■ committed to Forsyth County
’ ■ and the quality of life enjoyed
Wz' I in our community.
J ■ With our assortment of
I mort ß a ß c P ro g rams
U A | Debora Bales. Mortgage
W | ()riginator.
I » home ownership dreams into
A, ■ ■ reality.
' c! ' ) '-T" u diow Mill how easy
ht* buying a home or
iv’ jBH vour existing mortgage i.m be.
Debora Bales
I
Mortgage Originator
442 Canton Road • Cumming, GA 30040
678.454.2320
www.crescentbank.com FDK
FORSYTH COUNTY NEWS Sunday. April 4,2004
PAGE 7A