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Hi and welcome to Just Answer!Please specify what do you mean under "EIRA" - ?
Do you mean a Coverdell Education Savings Account (ESA)?
yes, just looked this up. it's now called ESA
already have answer for the 1st question. i believe anybody with income less than $190k can contribute to the ESA account
For details - see IRS publication 970, page 44 - http://www.irs.gov/pub/irs-pdf/p970.pdfIf I set up a EIRA, can anybody contribute to it or only family members can make contributions? See page 45. Any individual (including the designated beneficiary) can contribute to a Coverdell ESA if the individual's MAGI for the year is less than $110,000. For individuals filing joint returns, that amount is $220,000.
See page 46 - For 2010, the total of all contributions to all Coverdell ESAs set up for the benefit of any one designated beneficiary cannot be more than $2,000.
Can I use this money for after school programs or pre-school programs?For purposes of Coverdell ESAs, an eligible educational institution can be either an eligible postsecondary school or an eligible elementary or secondary school.So - after school programs or pre-school programs that are not part of an eligible educational institution do not qualify for ESA.
How about books and supplies and school lunch?Qualified Elementary and Secondary Education ExpensesThese are expenses related to enrollment or attendance at an eligible elementary or secondary school. As shown in the following list, to be qualified, some of the expenses must be required or provided by the school. There are special rules for computer-related expenses. The following expenses must be incurred by a designated beneficiary in connection with enrollment or attendance at an eligible elementary or secondary school. Tuition and fees. Books, supplies, and equipment. Academic tutoring. Special needs services for a special needs beneficiary. The following expenses must be required or provided by an eligible elementary or secondary school in connection with attendance or enrollment at the school. Room and board. Uniforms. Transportation. Supplementary items and services (including extended day programs). The purchase of computer technology, equipment, or Internet access and related services is a qualified elementary and secondary education expense if it is to be used by the beneficiary and the beneficiary's family during any of the years the beneficiary is in elementary or secondary school. (This does not include expenses for computer software designed for sports, games, or hobbies unless the software is predominantly educational in nature.)So books are eligible. School lunch expenses are eligible if provided by an eligible elementary or secondary school in connection with attendance or enrollment at the school.
Basically if I send my kids to public schools K-12, what are some of the items I can use the EIRA money for before they go to college?See listed above and conditions.Let me know if you need any help.