IRS Releases Education IRA Guidance Regarding Nonbank Trustees and CustodiansWashington, DC, October 17, 1997 - The Internal Revenue Service has released Notice 97-57, scheduled to be published in the Internal Revenue Bulletin on October 27. The notice states that, in accordance with Section 530 of the Internal Revenue Code, entities that currently are approved by the IRS to serve as nonbank trustees and custodians of individual retirement accounts also may serve as nonbank trustees and custodians of Education IRAs, without obtaining additional IRS approval. In addition, entities other than banks or previously approved nonbank IRA trustees and custodians may request approval to be an Education IRA trustee or custodian in accordance with procedures set forth in Section 1.408-2(e) and Section 3.10 of Revenue Procedure 97-4, dated January 6, 1997.
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