Formerly known as an Education IRA, a Coverdell Education Savings Account is designed to help you prepare for a child's future education. As with the 529 Plan, anyone can contribute to the account (income limits apply) - parents, grandparents, relatives - and distributions for qualified education expenses are income tax free. Education expenses may be used not only for higher education, but also for elementary and secondary school as well. The maximum amount a child may receive is $2,000 per year. Contributions for the tax year may be made up to the tax return due date of the contributor. Also, you can make a contribution to both a Coverdell Education Savings Account and a 529 Plan in the same year for the same beneficiary.

Questions or to open a Coverdell Education Savings Account:


Sandy Spring Wealth Management

*Not FDIC Insured *No Bank Guarantee
*Not a Bank Deposit
*Not Insured by any Federal Government Agency
*May Lose Value*

Securities, advisory services, and insurance products are offered through LPL Financial, a Registered Investment Advisor, member FINRA / SIPC. Sandy Spring Bank and Sandy Spring Wealth Management are not registered broker/dealers and not affiliated with LPL Financial.
spacer
This site is designed for U.S. Residents only. The services offered within this site are available exclusively through our U.S. Investment Representatives. LPL Financial's U.S. Investment Representatives may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state.