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A little planning can go a long way toward saving for education. The Coverdell Education Savings Account is one option. While contributions are nondeductible, your beneficiary enjoys the advantages of tax-free earnings and withdrawals for qualified educational expenses.
Similar to how an IRA helps you save dedicated funds for retirement, a Coverdell Education Savings Account (CESA) helps you save for specific expenses in a child’s elementary, secondary or higher education. You can add up to $2,000 to a child’s account annually. Eligible expenses typically include tuition, books and supplies, equipment, and room and board.*
*For additional information, call our Account Services - IRA Department at 1 800 692-2274, or in the Minneapolis/St. Paul metro area, call 952 997-8165.
| Maximum Yearly Contribution | |
|---|---|
|
Coverdell Education Savings Account |
$2,000 |
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