Family Education Assistance Act of 1987

[AI summary unavailable — showing source text] Family Education Assistance Act of 1987 - Amends the Internal Revenue Code to allow an individual taxpayer an income tax deduction for contributions to a savings account established to pay the education expenses (tuition, supplies, meals, and lodging) at an institution of higher education or a vocational school of a child of the taxpayer, of a child of a brother, sister, stepbrother, or stepsister of the taxpayer, of an individual for whom the taxpayer has been appointed as guardian, or of a descendant of a child of the taxpayer. Limits the amount of such deduction to $1,500 (adjusted for inflation) for each account per calendar year. Provides that no account may have more than one beneficiary and that no individual may be a beneficiary of more than one account. Disallows any deduction for contributions to an education savings account for any beneficiary who has attained the age of 19. Requires any balance in an education savings account to be distributed after the individual for whose benefit the account is established attains age 30. Includes the distributions from an education savings account in the gross income of the payee or distributee except for those amounts distributed or…