Contributions to Coverdell Education Savings Account

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.