Coverdell Education Savings Account
GPTKB entity
Statements (55)
| Predicate | Object |
|---|---|
| gptkbp:instance_of |
gptkb:Bank
|
| gptkbp:account_closure |
Can be closed if not used for education
|
| gptkbp:account_closure_rules |
Must be closed if not used for education expenses
|
| gptkbp:account_fees |
May have maintenance fees
|
| gptkbp:account_holder_responsibilities |
Account holders must understand tax implications.
|
| gptkbp:account_management_fees |
May incur management fees depending on the institution
|
| gptkbp:account_portability |
Can be transferred between institutions
|
| gptkbp:account_statements |
Annual statements required
|
| gptkbp:account_transfer_rules |
Transfers must comply with IRS regulations
|
| gptkbp:age_restriction |
Beneficiary must be under 18 years old
|
| gptkbp:beneficiary |
Can be changed to another eligible family member
|
| gptkbp:beneficiary_age_limit |
Funds must be used by age 30
|
| gptkbp:benefits |
Potential tax benefits for contributors
|
| gptkbp:consequences |
Tax implications for non-qualified withdrawals
|
| gptkbp:contribution |
Can be funded by parents, relatives, or friends
|
| gptkbp:contribution_eligibility |
Income limits apply
|
| gptkbp:contribution_flexibility |
Contributions can be made at any time
|
| gptkbp:contribution_tracking |
Contributions must be tracked for tax purposes
|
| gptkbp:education_funding_strategy |
Part of a broader education funding strategy
|
| gptkbp:education_levels |
Can be used for K-12 and higher education
|
| gptkbp:established_in |
Can be established by individuals or custodians
|
| gptkbp:features |
Managed by financial institutions
|
| gptkbp:federal_tax_code |
Section 530
|
| gptkbp:financial_aid |
May affect financial aid eligibility
|
| gptkbp:financial_aid_calculations |
Considered in financial aid calculations
|
| gptkbp:financials |
Useful for long-term financial planning
Must be held at a qualified financial institution |
| gptkbp:funding |
$2,000 per beneficiary per year
Cash contributions only |
| gptkbp:funding_deadline |
Contributions must be made by tax filing deadline
|
| gptkbp:has_diversity_initiatives |
Allows for diversified investments
|
| https://www.w3.org/2000/01/rdf-schema#label |
Coverdell Education Savings Account
|
| gptkbp:investment |
Stocks, bonds, mutual funds
Can include real estate and other assets Subject to market risk |
| gptkbp:investment_strategy |
Returns depend on investment performance
|
| gptkbp:maximum_contribution_age |
No maximum age for contributions
|
| gptkbp:membership |
Individual accounts only
|
| gptkbp:purpose |
Save for education expenses
|
| gptkbp:qualified_expenses |
Tuition and fees
Books and supplies Room and board |
| gptkbp:reports_to |
Form 5498 ESA
|
| gptkbp:rollover_option |
Can be rolled over to another Coverdell account
|
| gptkbp:state_tax_treatment |
Varies by state
|
| gptkbp:state-specific_rules |
Some states have specific rules
|
| gptkbp:tax_implications_for_beneficiaries |
Beneficiaries may face taxes on non-qualified distributions
|
| gptkbp:tax-free_distributions |
For qualified education expenses
|
| gptkbp:tax-free_growth_period |
Until funds are withdrawn
|
| gptkbp:type |
Tax-advantaged account
|
| gptkbp:type_of |
Tax-free growth
|
| gptkbp:withdrawal_penalty |
10% penalty on non-qualified withdrawals
|
| gptkbp:withdrawal_process |
Requires specific forms for withdrawals
|
| gptkbp:bfsParent |
gptkb:Paul_D._Coverdell
|
| gptkbp:bfsLayer |
6
|