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Coverdell Education Savings Account
Previously called the Education IRA
Designed to help parents, grandparents, aunts or uncles save for a family member's or loved one's higher education
Contributions are not tax deductible
Earnings are tax-free
Funds must be to pay for primary, secondary or college education expenses for a designated person
Contributions can be as much as $2,000 per year, per designated person
Designated beneficiary must be under the age of 18
Any balance must be distributed within 30 days after the date the beneficiary reaches age 30
No age limit requirement for special needs adults
This Modified Adjusted Gross Income phase-out table applies only for the Coverdell Education Savings Account:
Single Filer
MAGI of $95,000 or less: Full Contribution
MAGI between $95,000 and $110,000: Partial Contribution
MAGI of $110,000 or more: No Contribution
Married, Filing Jointly
MAGI of $190,000 or less: Full Contribution
MAGI between $190,000 and $220,000: Partial Contribution
MAGI of $220,000 or more: No Contribution
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