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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- OPEN EARLY TUESDAY 9AM Belk Senior Day a TUESDAY! We invite all customers 55 and older to take an EXTRA 15& an extra 10% off Home your ENTIRE PURCHASE* regular & sale priced merchandise. Excludes Red Dot. Lowest Prices of the Season! Plus, save even more with your senior discount! bclk.com •If you'ro 98 of oMot save an extra 15%, or 10% m our homo department, on your purchases for ths day Just show proof of ago to any Salos Associate Normal oxcluetons apply Excludes Red Dot Selection vanes by store 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