Educational IRA
The Education IRA is a non-tax deductible account that features tax-free withdrawals for a very specific purpose, like a child's higher education expenses. It is similar to a traditional and Roth IRA, but the crucial difference is that while qualified higher education distributions from a traditional or Roth IRA are penalty-free, the same distributions from an Education IRA are penalty-free and tax-free. There is no requirement that the contributor have earned income, nor is there any requirement that the contributor be under age 70.