Personal Investments & Retirement Menu

Coverdell Education
Savings Account

The time to look ahead is now.

Call us to open an account
1.888.FC DIRECT
(1.888.323.4732)
Or, visit your local branch

Benefits

Call us to open an account
1.888.FC DIRECT
(1.888.323.4732)
Or, visit your local branch

Eligibility

You are able to contribute to a Coverdell Education Savings Account if:

  • Modified Adjusted Gross Income (MAGI) is below $110,000 for single filers
  • Modified Adjusted Gross Income is below $220,000 for those filing jointly

Individuals with a MAGI between $95,000 and $110,000 and joint filers with a MAGI between $190,000 and $220,000 may only make partial contributions.

Call us to open an account
1.888.FC DIRECT
(1.888.323.4732)
Or, visit your local branch

Contributions & Withdrawals

Contributions

  • A maximum contribution of $2,000 per child, per year until age 18.
  • For beneficiaries with special needs, contributions may be made past the age of 18.

Withdrawals

  • Funds withdrawn for qualified education expenses are not subject to taxes.
  • Funds must be distributed by the beneficiary’s 30th birthday.
  • Non-qualified withdrawals are subject to normal income tax and a 10% penalty.
Call us to open an account
1.888.FC DIRECT
(1.888.323.4732)
Or, visit your local branch

Taxes

  • Contributions are made with after-tax dollars
  • Earnings are tax-free
  • Withdrawals are tax-free if used for qualified education expenses
Call us to open an account
1.888.FC DIRECT
(1.888.323.4732)
Or, visit your local branch

Questions?

Email us

Or call

1.888.FC DIRECT (1.888.323.4732)

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