Coverdell IRAs are designed specially for higher education needs. Your nondeductible annual contributions are taken after taxes and withdrawals are TAX FREE for qualified purposes.
Married Couples filing jointly with a combined income of up to $150,000 or single filers with income of up to $95,000.
Contributions can be made by parents, grandparents, or even the child up to $2000 per year. The child must be under the age of 18.
Withdrawals after 5 years are tax free and penalty free if used for qualified expenses within designated limits:
All funds must be distributed by the beneficiary's 30th birthday. Funds not used by one child can be transferred to another child in the same family without taxes or penalties.
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