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Get Coverdell Education Savings Account Application - American Century
S. Please print clearly in CAPITAL letters using black ink. If you have questions, please call us. 1 Provide Information About the Beneficiary The Designated Beneficiary (the child on whose behalf you are establishing this account) must be younger than 18 years old. Mr. / Mrs. / Ms. Designated Beneficiary s first name U.S. Social Security number Check one: U.S. citizen Middle initial Last name Date of birth (month-day-year) U.S. resident alien Street address (No P.O. or Priv.
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FAQ
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Once your income is over $110,000, unfortunately you cannot contribute to a child or grandchild, or other family member's Coverdell ESA. If you're married and filing jointly, and your MAGI is between $190,000 and $220,000 the contribution limits decrease and as you reach $220,000, you cannot contribute to a CESA.
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As you invest your contributions, they'll grow on a tax-deferred basis. Once your child is in school, you can take Coverdell education savings account withdrawals to cover qualifying education expenses tax-free. Qualified expenses include tuition, books, equipment, academic tutoring and even special needs services.
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These benefits were set to expire the end of 2012, which many feared would cause the Coverdell ESA to become obsolete. However, the American Taxpayer Relief Act of 2012 made the changes permanent, keeping the Coverdell ESA alive and a worthy competitor to the 529 college savings plan.
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Coverdell ESAs can be opened for any student who is under the age of 18 years. The assets, however, must be withdrawn by the time the student reaches the age of 30. Accounts for beneficiaries with special needs generally are not subject to the age restrictions on contributions and withdrawals.
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Coverdell ESA plans can be opened at almost any brokerage firm or bank. You will need the SSN of the beneficiary to open the account as well as other personal information, including name, date of birth, address, and possibly other information, depending on where you open the account.
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Coverdell ESA Disadvantages Its annual contribution maximum pales in comparison to 529 plan limits. The contribution limit for Coverdell ESAs stick at $2,000 per student. This means that if a parent and grandparent each opened a Coverdell ESA for one child, the total of both accounts can't exceed $2,000.
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How to open and contribute to an ESA. Anyone can set up an ESA at a brokerage or other financial institution, or directly with a mutual fund company. Once an ESA is opened in your child's name, anyone can contribute as long as they follow a few rules: No more than $2,000 per year can be put in a child's ESA(s).
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Your child can receive tax-free withdrawals from a Coverdell ESA in any year to the extent that he or she incurs qualified education expenses (QEE). If your child withdraws more than the amount of QEE, then the earnings portion of that excess is subject to income tax and an additional 10% penalty tax.
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