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With a Coverdell Education Savings Account (Coverdell ESA), your savings grow, free from federal taxes.1 You can take money out of the account tax-free, as long as you are spending the money on your child's educational expenses.
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To spend money from your Coverdell ESA tax-free, make sure you use it for qualifying education expenses such as:
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Who can contribute? Anyone with modified adjusted gross incomes (MAGI) under $110,00 for single taxpayers and $220,000 for joint taxpayers. That “anyone” includes grandparents, aunts, uncles, and even family members as long at the above income requirements are met. A parent or legal guardian must be listed as the responsible individual on the account regardless of who contributes.
How long can contributions be made? Contributions can be made until a child reaches 18 (except for children with special needs).
What is the maximum annual contribution allowed per child? Total contributions can’t be more than $2,000 in any year, no matter how many accounts have been established.
There are many differences, but one big one is how the funds can be used. Unlike many state-sponsored Section 529 plans, a Coverdell ESA can be used to pay for qualified elementary and secondary education expenses at most public, private, and parochial schools.
To learn more about Coverdell Education Savings Accounts, please refer to the IRS guidelines for these accounts.
1Tax laws are subject to change. Contact a tax professional for more details. 2Funds must be used by beneficiary by age 30 (except for special needs).
Guide to Internet Banking & Bill Pay Guide to Cash Management Don’t have internet banking? Enroll Now Pay Loans with HVPay
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