| Coverdell Education Savings Account |
| Eligibility |
- Individuals with an adjusted gross income under $95,000
- Married couples filing jointly with a combined income of under $190,000
|
| Contribution Limits |
- $2,000 per year per child under age 18*
|
| Tax Benefits |
- Contributions are not tax deductible
- Interest is tax exempt
- Distributions are tax free if used for educational expenses
|
| Qualified Withdrawals |
- Tuition
- Room and board
- Fees
- Supplies
- Uniforms
|
| Withdrawal Limits |
- Student must be enrolled full or part time at a public, private, or religious primary or secondary school
- Funds must be distributed by student's 30th birthday
|
| Investment Options |
- Money Rate Savings Account
- 18-Month Variable CD
- Fixed Rate CD
- Monthly Saver Coverdell Education Savings Account
|
| *Contributions may be made past the age of 18 for children who are qualified special needs beneficiaries |
