Start saving now for your child’s education and let your earning grow tax-exempt!
Do skyrocketing college costs have you concerned about your child’s education? With a Coverdell Education Savings account you can accumulate funds for your child’s education and have your earning grow tax-exempt.
The money saved can be used for college, trade school or even secondary education if needed. Withdrawals from your Coverdell Education Savings account used to pay qualified education expenses are generally tax- free.
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Tax Filing Status |
Full contribution |
Partial contribution |
Not eligible |
Single/Head of Household* |
Up to $95,000 |
$95,000 - $110,000 |
Above $110,000 |
Married Filing Joint |
Up to $190,000 |
$190,000 - $220,000 |
Above $220,000 |
*Limits are the same for married filing separate
What you need to know:
- You can make a contribution of up to $2,000 per year for each student
- Your modified adjusted gross income has to be less than $220,000 if married filing jointly and less than $110,000 if single taxpayers.
- Contributions are not tax deductible
- Designated student must be under age 18, except those with special needs
- Deductions are not taxable as long as used for designated students qualified education expenses.
Contact us or visit a branch office near you to get started today.
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