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The Coverdell Education Savings Account was created as a way to save for a child’s educational expenses, from kindergarten through college. The account provides a way for interest earnings to be distributed potentially tax-free, if used to pay for qualified education expenses.

Contribution Eligibility and Amount

There is no requirement that an individual who funds a Coverdell Education Savings Account have earned income, however if the contributor's income is above certain levels, they may not make a contribution to a Coverdell Education Savings Account. Contributions to a Coverdell Education Savings Account are not tax-deductible. While not tax-deductible, check with your tax advisor regarding the tax-deferral benefit this account can offer.

Coverdell Education Savings Account Allowable Contribution Amount:

Modified Adjusted Gross Income (MAGI) - Single Filers	Contribution Allowed
Less than $95,000	Full $2,000
Between $95,000 & $110,000	Partial contribution allowed
Over $110,000	No contribution allowed

Modified Adjusted Gross Income (MAGI) - Married, Joint Filers	Contribution Allowed
Less than $190,000	Full $2,000
Between $190,000 & $220,000	Partial contribution allowed
Over $220,000	No contribution allowed