Coverdell Education Savings Accounts (ESAs) are trust accounts that allow you to save money to fund a beneficiary’s education.
Coverdell Education Savings Account Benefits
- All contributions to ESAs are tax free
- Unlimited number of separate accounts can be opened for the same beneficiary
- Accounts can help any beneficiary under the age of 18 or with special needs
- Educational expenses cover elementary, secondary, and post-secondary schools
Coverdell Education Savings Account Requirements
- Maximum Contribution: $2,000 per year
- Maximum Modified Adjusted Gross Income for an Individual Contributor: $110,000
- Contributions must be made before the beneficiary turns 18, unless they have special needs
- Account must be closed by the time the beneficiary is 30, unless they have special needs
For more information about Coverdell Education Savings Accounts, contact us today!