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Coverdell Education Savings Account

   Also found in: Dictionary/thesaurus, Acronyms, Encyclopedia, Wikipedia, Hutchinson 0.07 sec.
Coverdell Education Savings Account
A special individual retirement account opened on behalf of a child under age 18. Contributions of up to $2,000 annually may be made by anyone who meets specified income limits. Contributions are not tax-deductible, but earnings grow tax-deferred until withdrawn. Money withdrawn prior to the child turning age 30 to pay for elementary, secondary, or postsecondary education expenses after high school is not subject to federal income tax. Formerly called Education IRA.
Coverdell Education Savings Account (ESA)
A tax-favored savings plan under which any number of taxpayers may contribute up to a total of $2,000 per year per eligible beneficiary. Contributions are nondeductible. Earnings withdrawals are tax free and penalty free if they do not exceed the amount of qualified education expenses for the year.


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At this point, clients who need to save for future higher education costs should contribute to a 529 plan, even if the contribution provides no state income tax savings, and/or to a Coverdell education savings account.
The best use of spare cash: tax-savvy strategy for extra dollars by Geisler, Gregory G. / Journal of Accountancy
You should look to contribute to both a 529 college savings plan and a Coverdell education savings account.
Paying for college by Brown, Carolyn M. / Black Enterprise
Coverdell Education Savings Accounts (formerly Education IRAs)
Consider college early in child's life by The Register-Guard (Eugene, OR)
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