Terms in this set (20) Which of the following statements regarding Coverdell Education Savings Accounts are TRUE? Which of the following is a characteristic of the 529 plan that makes it different from the Coverdell Education Saving Account? There is a yearly maximum contribution limit. a. 11 Which of the following statements regarding a Coverdell Education Savings Account (CESA) is correct? C) A contributor cannot make a contribution for himself/herself. Coverdell education savings accounts have some interesting advantages over 529 plans, such as the ability to use Coverdell ESA funds to pay for private elementary and high school education. Contributions may not be made for students past their 18th birthday. Contributions are taxed up front, but the account is not taxed as it grows, and withdrawals are tax-free. Read about what benefits Coverdell education savings accounts have to offer and how they compare to 529 college savings plans. D. Withdrawals are not federally taxed. After-tax contributions of up to an indexed maximum per student per year are allowed. We need you to answer this question! When the beneficiary of a Coverdell ESA (the student) withdraws money from the savings account, that's called a distribution.Distributions are tax-free if they meet both of the following criteria [source: IRS]:
A) An individual can be the beneficiary of multiple CESAs. Rate! The beneficiary can be changed to another family member. The whole point of a Coverdell ESA is to save money for education expenses — both for college and K-12 — and cash it in tax-free.
Explanation: 4.0 4 votes 4 votes Rate!
The answer is it offers many investment choices. An education savings account for K through 12 and college expenses.
Another unique savings account is a kids savings account, which teaches young children the importance of saving and gives them experience early on in life. Educational Savings Programs. There is no age limit for disbursement of funds B. Coverdell Education Savings Account - ESA: A Coverdell Education Savings Account is a tax-deferred trust account created by the U.S. government to assist families in funding educational … The maximum yearly contributions to the account are limited to $2,000 per taxpayer ($4,000 for mfj) Which of the following makes the Coverdell Education Savings Account unique?A.It offers few investment choices.B.Unused funds return to the account holder.C.It can be used only to pay for college tuition costs.D.It offers many investment choices. Which of the following makes the Coverdell Education Savings Account unique See answers (1) Ask for details ; Follow Report Log in to add a comment Answer 4.0 /5 2. breannaross77 +5 apsiganocj and 5 others learned from this answer Answer: hi im breanna.
Which of the following choices are characteristics of Coverdell Educational Savings Accounts? Coverdell vs 529s Compare the features of a Coverdell education savings account with other college savings options side by side: You can modify your comparison by selecting which options to look at, and what features you'd like to compare. Coverdell Education Savings Accounts allow after-tax contributions of up to $2,000 per … B) Annual contributions are limited to $2,000 per beneficiary, per contributor. C. Anyone can open an account for the beneficiary. What makes coverdell education savings account unique? A. Which of the following makes the Coverdell Education Savings Account unique?A.It offers few investment choices.B.Unused funds return to the account holder.C.It can be used only to pay for college tuition costs.D.It offers many investment choices. The maximum yearly contributions to the account are limited to $2,000 for each beneficiary b.
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