Education Savings Act of 1992

[AI summary unavailable — showing source text] Education Savings Act of 1992 - Amends the Internal Revenue Code to allow an individual income tax deduction for up to $2,000 annually of contributions to a savings account established to pay the educational expenses (tuition, supplies, meals, and lodging) of any individual under age 24 at an institution of higher education or a vocational school. Requires any account to be treated as an individual retirement account after the beneficiary attains age 25. Excludes from gross income any account distributions that are used to pay educational expenses of the eligible beneficiary. Exempts an account from taxation (except for the tax on unrelated business income of a charitable organization) unless a contributor or the beneficiary engages in specified prohibited transactions in connection with it. Imposes a ten percent surtax on distributions not used for educational purposes. Requires the account trustee to report to the Secretary of the Treasury and to the account's beneficiary concerning the account. Imposes a penalty for failure to report. Allows taxpayers who do not otherwise itemize deductions to deduct for contributions to an education savings account. Excludes employer contributi…