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Coverdell Educational Savings Accounts

What is a Coverdell Education Savings Account (Coverdell ESA)?

A Coverdell Education Savings Account (Coverdell ESA) is an account established to pay qualified education expenses for the designated beneficiary (owner of the account).

Contributions are limited to $2,000 per child annually and can only be made for designated beneficiaries under age 18, unless they have special needs.
Withdrawals are tax-free if used for eligible elementary, secondary, or college expenses, including tuition, books, tutoring, and computers.
Funds must be used before the designated beneficiary turns 30, unless the individual has special needs.
A Coverdell ESA is opened under the child’s membership, with a parent or legal guardian acting as the responsible individual.
For additional information and a complete list of eligible expenses, refer to IRS Publication 970.

Coverdell Educational Savings Accounts

What is a Coverdell Education Savings Account (Coverdell ESA)?

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