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- Re: coverdell esa
coverdell esa
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699574
Level 3
09-15-2020
02:13 PM
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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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1 Comment 1
qbteachmt
Level 15
09-15-2020
03:28 PM
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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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"Level Up" is a gaming function, not a real life function.
