Coverdell Education Savings Accounts (ESAs) plans is similar to Roth IRAs, The money you deposit into this account is pre-taxed, all growth and distributions are tax-free. It is a great way to fund elementary and high-school expenses as well as college education for your kids.
- Contribution limit – $2,000 per year
- Income eligibility – Modified adjusted gross income less than $110,000 for single and $220,000 for joint filers
- Tax-free withdrawals – Qualified expenses for kindergarten through college
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