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 Coverdell ESA Contribution Information Do Not Cut or 2023-2024

5498 Esa 2023-2024 Form

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in this video we're going to discuss the Coverdell education savings account otherwise known as the Coverdell ESA so a Coverdell is a savings account that you or a person sets up for a designated beneficiary and the designated beneficiary can be anyone under the age of 18 or someone with special needs and so this designated beneficiary is going to receive the right through the savings account to later pay for qualified education expenses so those education expenses could be things like tuition books fees and it could be at an elementary school a high school a college any of those will qualify and so this person who's the beneficiary they're going to basically be able to use those funds for their education now this is not tax deductible if you set up a Coverdale account you don't get to deduct the amount that you contribute to the Coverdell account so you might be thinking well why would I even do this well the advantages that the earnings of the account grow tax-free so let's just say

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