Coverdell Education Savings Accounts

URI: https://gptkb.org/entity/Coverdell_Education_Savings_Accounts
GPTKB entity
Statements (33)
Predicate Object
gptkbp:instanceOf tax-advantaged savings account
gptkbp:administeredBy financial institutions
gptkbp:alsoKnownAs gptkb:Coverdell_ESA
gptkbp:beneficiaryAgeLimitForContributions under 18
gptkbp:canBeTransferredToAnotherBeneficiary yes
gptkbp:canBeUsedForCollegeExpenses yes
gptkbp:canBeUsedForK12Expenses yes
gptkbp:contributionDeadline tax filing deadline
gptkbp:contributionsAreTaxDeductible no
gptkbp:country gptkb:United_States
gptkbp:createdBy gptkb:U.S._federal_government
gptkb:Taxpayer_Relief_Act_of_1997
gptkbp:earningsGrowTaxFree yes
gptkbp:fundsMustBeUsedByAge 30
https://www.w3.org/2000/01/rdf-schema#label Coverdell Education Savings Accounts
gptkbp:incomeLimitForContributors yes
gptkbp:incomeLimitJointFiler $220,000
gptkbp:incomeLimitSingleFiler $110,000
gptkbp:maximumContributionPerYear $2,000 per beneficiary
gptkbp:namedAfter gptkb:Paul_Coverdell
gptkbp:penaltyForNonQualifiedDistributions 10%
gptkbp:purpose save for education expenses
gptkbp:qualifiedDistributionsAreTaxFree yes
gptkbp:qualifiedExpensesInclude books
industrial equipment
tuition
fees
supplies
K-12 expenses
college expenses
gptkbp:bfsParent gptkb:IRS_Form_1099-Q
gptkb:IRS_Form_5329
gptkbp:bfsLayer 6