Start Saving for Your Child's Future Today
Formerly called an Educational IRA, the Coverdell Educational Savings Account (ESA) helps pay for a child's education - elementary through college. Contributions are tax-free when used to pay for qualified education expenses, such as tuition, fees, books, supplies, equipment, and, in some cases, room and board and computers.
Contributions to a Coverdell ESA are not tax-deductible; however you have the potential for tax-free withdrawals, including earnings. Contribute up to $2,000 each year to each child's Coverdell ESA* until he or she reaches the age of 18.
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*There are certain income eligibility requirements for full contributions.
- Earnings grow on a tax-deferred basis
- Contribute up to $2,000 per year for each child's Coverdell ESA
- Can be used to pay elementary, secondary and collegiate expenses
- Unused funds can be rolled over into the Coverdell ESA of a family member