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:
*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.
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available in every state.