Qualified purpose
A qualified purpose described in this subparagraph is 1 or more of the following, as provided by the qualified entity providing assistance to the individual under this subsection:
(i) Postsecondary educational expenses
(i)Postsecondary educational expenses#
Postsecondary educational expenses paid from an individual development account directly to an eligible educational institution.
(ii)First home purchase#
Qualified acquisition costs with respect to a qualified principal residence for a qualified first-time homebuyer, if paid from an individual development account directly to the persons to whom the amounts are due.
(iii)Business capitalization#
Amounts paid from an individual development account directly to a business capitalization account which is established in a federally insured financial institution and is restricted to use solely for qualified business capitalization expenses.