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Form 5305 EA Rev October Coverdell Education Savings Custodial Account
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People also ask
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What is the penalty for taking money out of a Coverdell education savings account?
Your child can receive tax-free withdrawals from a Coverdell ESA in any year to the extent that he or she incurs qualified education expenses (QEE). If your child withdraws more than the amount of QEE, then the earnings portion of that excess is subject to income tax and an additional 10% penalty tax. -
What distributions from a Coverdell education savings account is taxable?
The distributions are tax-free to the extent the amount of the distributions doesn't exceed the beneficiary's qualified education expenses. If a distribution exceeds the beneficiary's qualified education expenses, a portion of the earnings is taxable to the beneficiary. -
What is Form 5305 A used for?
Form 5305-A may be used to establish the IRA custodial account for a nonworking spouse. Contributions to an IRA custodial account for a nonworking spouse must be made to a separate IRA custodial account established by the nonworking spouse. Article IV. -
Who is the custodian of a Coverdell Education Savings Account?
"Custodian", "we" and "us" each means Mellon Investment Servicing Trust Company. "Designated Beneficiary" means the individual named as Designated Beneficiary on the Coverdell ESA Adoption Agreement, for whose benefit the Coverdell ESA Account is established.
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