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coverdell esa

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Level 2

i have two clients who each want to setup a $2,000 coverdell esa account to a single  beneficiary.

is each beneficiary allowed only one account?

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Level 12

Resources:

https://www.irs.gov/taxtopics/tc310

https://www.bogleheads.org/wiki/Coverdell_Education_Savings_Accounts

"Special care must be taken for multiple accounts established for a beneficiary by different donors (for example, a parent and a grandparent) that the $2,000 annual limit is not exceeded, since excess contributions are subject to a 6% excise tax."

 

Just as examples...

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