Individuals who reach age 50 before the end of the year may begin to make "catch-up" contributions. The contribution limit for Coverdell Education Savings Accounts (ESAs, formerly known as "Education IRAs") is $2,000, and contributions can be made until your tax filing date, which is generally April 15.

Almost anyone can contribute to a Coverdell Education Savings Account on behalf of a child under the age of 18. The contributor is not even required to be related to the child designated as beneficiary of the Account. See similar questions...

Tax Free Earnings. The interest earned on a Coverdell Education Savings Account is not subject to federal income tax when used for qualified higher expenses. See similar questions...

Distributions from a Coverdell Education Savings Account may be made at any time. As long as the distribution is applied to payment of the qualified education expenses of the designated beneficiary, it will generally not be considered taxable income for the child. The Coverdell Education Savings Account must be used before the designated beneficiary attains the age of thirty (30) or the funds will be distributed and generally considered taxable income for the designated beneficiary. See similar questions...

Later this summer and fall, employees will receive more tools and information on Health Savings Accounts. Yes, but it will be a limited purpose Health Care FSA, which means you can only use it for dental or vision expenses. See similar questions...

SEP Contributions are limited to 15% of the participant's annual income, never to exceed $30,000. Each year the IRS sets a limit on the total compensation amount that the employer can consider. For example, in 1997, only $160,000 of compensation was allowed to be considered for maximum contributions, so this brings the current maximum contribution to $24,000 (15% of $160,000). All SEP contributions are made by the employer (or the self-employed individual). See similar questions...

Due to Federal Regulations the customer may not make more than six transfers or withdrawals per month or statement period or more than three to third parties, when these transfers are made by means of a pre-authorized or automatic transfer, or telephonic agreement, order or instruction, including Internet Banking. Transferring from a savings or money market account to a loan at First National Bank does not count towards the excessive withdrawal limit. See similar questions...

The first thing you need to do is obtain a curriculum. It is wise to find a local support group to help you set up your school. Although you are not legally required to register with the school district or receive their permission to home school, you should withdraw you child(ren) from the public school. Failure to do so, could result in school officials filing charges of thwarting compulsory attendance or failure to attend school against you and/or your child(ren). See similar questions...

The specific preset limits on Cashless School Parent Accounts are established in conjunction with the school or merchant through whom the Cashless School Parent Accounts are issued. See similar questions...

Yes. The candidates may accept only $21,200 from individuals and small contributor committees. There are, however, no limits on the amounts that candidates can provide to themselves. See similar questions...

Salary deferral contributions may be made up to 100% of compensation (not to exceed $10,000 for 2006 and $10,500 for 2007 for investors under age 50, $12,500 for 2006 and $13,000 for 2007 for investors age 50 and over). Match employee contributions dollar for dollar up to 3% of compensation to a maximum $10,000 for the 2006 plan year and $10,500 for the 2007 plan year, $12,500 for investors 50 years old or older in 2006 and $13,000 in 2007. See similar questions...

According to the Treasury/IRS guideline dated May 15, 2004, "Annual HSA contribution limits in 2004 are the lesser of: 100% of the deductible amount on the accompanying high-deductible health plan; or $2,600 for self-only accounts and $5,150 for family accounts (these dollar amounts will be indexed for inflation in future years)." The amount is also reduced by any contribution to an existing Archer MSA. See similar questions...

The advantages of IRAs, 401(k) plans, and other retirement saving vehicles are their tax deferred earnings growth. With an IRA, you do not pay taxes on your earnings so long as your money stays in the IRA. Your money compounds faster because of this. In addition, IRA contributions (up to a certain level and with some restrictions) are tax deductible. 401(k) plans offer special tax advantages. See similar questions...

many as you want. You may want to keep your different investments in separate IRAs so you can readily see what each is doing. IRAs held by your bank are normally directed by the bank into its mutual funds or CDs and provide minimal risk and minimal return. IRAs held by your stock brokerage company are typically directed into mutual funds and stock portfolios that are sold by that brokerage, and you are limited to those products offered by that particular brokerage. See similar questions...

Terms and interest earned on IRAs can vary substantially. For more details, please give Deb, our IRA specialist at the Richwood Office, a call at 1-740-943-2317. See similar questions...

Beginning in January 2002, individuals can contribute to both 529 plans and Education IRAs. The Economic Growth and Tax Relief Reconciliation Act of 2001 permits contributions to the Education IRA (now called Coverdell Education Savings Account) to cover K-12 education expenses on a tax favored basis. Individuals may benefit by funding a 529 plan for the child's college and utilizing the Education IRA for elementary and secondary education expenses. See similar questions...

an Excel Banking Member you will be entitled to maintain a SuperValue Savings Account with a waiver on minimum balance requirements. See similar questions...