Individual Retirement Accounts
Opening IRA Savings Accounts
Opening IRA Certificate Accounts
Managing IRA Funds
Managing IRA Accounts
Opening an Education IRA Savings Account
The primary difference between a Traditional IRA savings account and an Education IRA savings account is that the Education IRA is opened under the name and Tax ID number of a minor under the age of 18 years, and not the contributor. The contributor opens the account and deposits funds into it, until the minor reaches the age of 18 years.
The simulations in this module are based on the following scenario:
Jack Branson
wants to open an Education IRA savings account for his son Mark Branson,
who is also a member of the credit union. Both parents would like to be
the benefactors or contributors to the minor's IRA savings account.
Simulations
