Eligibility:
Withdrawals that avoid the 10% early withdrawal penalty must be for the education of the account owner, their spouse, children, or grandchildren.
Contribution Rules:
There are complex contribution rules for IRA’s which are affected by the type of IRA, a contributor’s age and income, and whether or not the contributor or their spouse is offered a retirement plan by their employer.The maximum contribution to an IRA is $5,000 per person, with an additional $1,000 for account owners over age 50.
