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Roth IRAs
With a Roth IRA, contribution amounts are the same as those of the traditional IRAs. While contributions aren’t deductible, you can avoid taxes on your earnings, instead of just delaying them (as long as contributions are taken when you’re over age 59 ½, the account is at least 5 years old, and your income falls under certain limits)*.
Roth IRAs are also worth considering to pay for college expenses. If you withdraw any earnings prior to reaching age 59 ½ or have held the account for at least five years, you will be taxed. However, you may withdraw your principal – up to $5,000 a year – without tax or penalty. Only after your principal has been exhausted will future withdrawals of earnings be taxed. This favorable tax treatment makes Roth IRAs a viable option for supplementing your college savings.
* Penalties may apply for early withdrawal. 10% IRS penalty may also apply to withdrawal prior to age 59 ½.
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