Education Savings Accounts
Save for any level of education.
Your child or grandchild’s education is important, but it can also be expensive. With a Coverdell Education Savings Account (ESA), you can save for elementary, secondary or college education costs. Invest the money 100% tax free when funds are used for qualified withdrawals.
Learn more about how to pay for higher education.
1 Non-qualified distributions must be reported on the account owner’s or the beneficiary’s federal income tax return and is subject to income tax.
2 Contributions can be made past age 18 if the beneficiary has special needs and additional time is required to complete their education due to a physical, mental or emotional condition.
3 Any individual whose modified adjusted gross income is under the limit set for a given tax year can make contributions. Organizations, such as corporations and trusts can also contribute regardless of their adjusted gross income.