Video Transcript
Are there any special Education Savings Accounts that you should know about?
Coverdell Education Savings Accounts (Coverdell ESAs) allow for educational expenses.
Contributions are tax-deferred but are not tax-deductible.
Contributions are limited to two thousand dollars ($2,000) per year and are subject to Modified Adjusted Gross Income limits.
Contributions must be made prior to the student’s eighteenth (18th) birthday.
Unlike five twenty-nine(529) Plans, which are used for post high school education expenses, ESAs can be used for K through twelve (K-12) education expenses.
If established when a child is very young, a substantial investment can be achieved.
Examples of qualifying K through twelve (K-12) expenses aretuition, academic tutoring, books, supplies, equipment, computers, internet access, and required uniforms.
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