Are you worried about whether you will be able to help your children or (perhaps) grandchildren with college expenses when the time comes? Start now and be prepared with a Coverdell Education Savings Account (commonly known as an Education IRA.)
Up to $2,000 can be contributed to a Coverdell Account while the child is age 17 or younger. Unfortunately, the contributions aren’t tax deductible; however, they and their earnings can be withdrawn tax-free as long as they are used to pay eligible schooling expenses.
Any adult (parents, grandfolks, godparents or friends) may put money in a child’s Coverdell Account; however, the total put into the account from all sources cannot exceed $2,000 per year.
Money to be used for primary education and college expenses may include: pre-college expenses, tuition, room & board, books, computers and more.
Call us for more information at 765-732-3022 or 800-463-7464 today.