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What is a Coverdell Educational Savings account
How to pay for collegeCoverdell Educational Savings Accounts
What is it?
What is a Coverdell Educational Savings Account?
A Coverdell Educational Savings Accounts is a trust or custodial account that is created or organized in the United States exclusively for the purpose of paying the qualified higher education expenses of the designated beneficiary of the account. The account must be designated as a Coverdell Educational Savings Account when it is created in order to be treated as a Coverdell (ESA) for tax purposes.
Starting in 2002, the annual per beneficiary contribution increased from $500 to $2,000 annually, permitting those savings to be used for primary, secondary and post secondary school expenses. Adjusted gross income limitations have also been increased.
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