### Question
What is the definition of education individual retirement account?


### Answer
The definition of **education individual retirement account** is as follows in *26 U.S.C. § 530*:

> a trust created or organized in the United States exclusively for the purpose of paying the qualified higher education expenses of the designated beneficiary of the trust (and designated as an education individual retirement account at the time created or organized), but only if the written governing instrument creating the trust meets the following requirements:


(A) No contribution will be accepted—


(i) unless it is in cash,


(ii) after the date on which such beneficiary attains age 18, or


(iii) except in the case of rollover contributions, if such contribution would result in aggregate contributions for the taxable year exceeding $500

#### Citation:
  - *26 U.S.C. § 530*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter F-Exempt Organizations > PART VIII-HIGHER EDUCATION SAVINGS ENTITIES**

