Alert! Potential Coverdell Education Savings Accounts (ESA) Changes
Coverdell Education Savings Accounts (CESAs) aid families in saving for elementary through college education expenses. Several changes to the ESA were implemented in 2002, including: contributions of $2,000 per year, per beneficiary, and coverage of expenses from kindergarten though high school. However, these improvements will expire at the end of 2010 unless Congress chooses to extend the contribution limit and the coverage of K-12 expenses. If Congress decides not to allow an extension, the $2,000 contribution limit will return to a $500 limit, and the K-12 coverage of expenses will be removed.
“What Are Coverdell Education Savings Accounts?” AllBusiness. AllBusiness.com, Inc., 2009. Web. 13 July 2010. <http://www.allbusiness.com/print/2493-1-22eeq.html>.
Edward Jones. Education Savings Plans. N.p.: n.p., 2010. Print.