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Take advantage of tax-deferred savings for all things education.1
Annual contribution limit is $2,000
None
Tax-free education expense withdrawals1
With an Education Savings Account (ESA), you can invest in the future of a child — tax-deferred and federal tax-free for elementary, secondary and higher education expenses.
It was created as a tax-deferred trust account by the U.S. government to assist families in funding educational expenses for beneficiaries who must be 18 years old or younger when the account is established. The age restriction may be waived for special needs beneficiaries. While more than one ESA can be set up for a single beneficiary, the total maximum contribution per year for any single beneficiary is $2,000. The student must disburse funds by age 30.
Tax-deferred funds for child’s education
Choose from savings, money market, or certificates
Up to $2,000 annually
Can cover school expenses from K- college
If you use the money for a qualified purpose, it’s tax-free
Interest earned is tax-free1
How much should I be saving for college?
Calculations provided are for demonstration purposes only and do not guarantee credit approval for the rate and terms displayed.
The trust or custodian is the party that establishes and controls the funds in the ESA for the student beneficiary, who must be under the age of 18 at the time of designation. Funds within the account are not considered to be owned by the custodian nor the beneficiary unless they are the same individual.
Qualified education expenses include college expenses and certain elementary and secondary school expenses including:
The deadline to contribute to a Coverdell Education Savings Account (ESA) for a particular tax year is generally April 15 (or tax day) of the following year. When this date occurs on a weekend or a legal holiday, the following business day becomes the deadline. Tax return extensions will not affect this deadline. When you contribute to your IRA between January 1 and April 15 (or tax day) for the previous tax year, it’s referred to as a “carryback” or “prior year” contribution.
Unlike a 529 plan, the sum in an education IRA must be distributed to a child if not used for college. ESA treatment in federal financial aid is like that of 529 plans—as an asset of the parent (custodian). A withdrawal is not reported as income if it is tax-free at the federal tax level.
Designated beneficiaries with special needs:
1 Consult your tax advisor about Coverdell Education Savings Account (ESA) advantages.
