Education Savings Accounts

Coverdell Education Savings Accounts (ESAs)

Coverdell ESAs are designed to help pay for a child's education expenses, and they can be used for primary and secondary education expenses, including tuition, fees, books and supplies.

Although contributions to an ESA aren't tax deductible, earnings and withdrawals for qualified expenses are free from federal taxation.*

The definition of "qualified education expense" has been expanded to include primary and secondary educational expenses in addition to higher education expenses.

Maximum annual ESA contribution: Income limitations:
$2,000** per student up to age 18 (may be extended for students with special needs)
Single Married filing jointly
$95,000 - $110,000 eligibility phase out $190,000 - $220,000 eligibility phase out

* As long as the child is under age 30 and the funds are used to pay for qualified expenses.

** Total of contributions made by all contributors for an individual child on an annual basis.


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