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Education Savings Account

A Coverdell Education Savings Account (ESA) (formerly Education IRA) is a great way for parents, grandparents and others to meet the rising costs of a student's education. ESAs allow you to contribute a specified amount each year for higher education. While there is no tax deduction for contributions to an ESA, earnings grow tax-free . Be sure to consult your financial or tax advisor regarding guidelines for the Federal and State tax ramifications of your IRA contributions and withdrawals.

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