529 Contributions
June 7th, 2006
Total Contributions to a Coverdell Education Savings Account:
Only $2,000 per child per year can be contributed to a Coverdell Education Savings Account.
Coverdell Education Savings Account contribution limit is phased out for AGIs from
- $190,000 to $220,000 (joint returns) and from
- $95,000 to $110,000 (single returns).
Deductible Contribution to a Coverdell Education Savings Account:
Deductible contribution is not permitted in a to a Coverdell Education Savings Account.
Catch Up Contributions of a Coverdell Education Savings Account
No catch up contributions to a to a Coverdell Education Savings Account is allowed.
Coverdell Education Savings Account Contribution Deadline
The deadline for contributing to a Coverdell Education Savings Account is the tax filing due date. No extensions.
Coverdell Education Savings Account Fees
Coverdell Education Savings Accounts usually charge annual account maintenance fee of approximately $15 – $30.
Usually, there is also an account termination fee on a Coverdell Education Savings Account. The termination fee of a Coverdell Education Savings Account is approximately $75. This fee does not apply if you withdraw all of the money from a Coverdell Education Savings Account for qualified educational expenses.
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