Coverdell Education Savings Accounts (ESAs)

Investing in the future of a loved one today.

College is expensive, so start a savings plan for a designated beneficiary today.

Ways to Apply

For People Who…


  • Want to invest in the future college expenses of a loved one.
  • Have some extra money a year to help their beneficiary.

 

Benefits


  • Any individual may open an ESA!
  • Interest earnings are tax-free on the education expenses.  
  • Funds may be transferred to another designated beneficiary.

Features


  • You may make a contribution up to $2,000/year.
  • Contributions are not tax-deductible.
  • Funds must be used within 30 days of attaining age 30 of the beneficiary; otherwise, the Coverdell ESA funds become subject to income taxes and a 10% IRS tax penalty.

Additional Information

  • Purpose is to pay for future qualified education expenses of a designated beneficiary under age 18.
  • Any individual may open a Coverdell ESA for a designated beneficiary.
  • Maximum contributions of $2,000 per year. 
  • Interest earnings are tax-free when used for a beneficiary's education expenses.
  • Funds must be used within 30 days of the beneficiary attaining age 30; otherwise, Coverdell ESA funds become subject to income taxes and a 10% tax penalty.
  • Funds may be transferred to another designated beneficiary.

Ways to Apply

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