Looking for a great way to save for future education expenses?
Open a Coverdell Education Savings Account (ESA) at NuMark Credit Union. Coverdell Education Savings accounts offer tax advantages and are a great way to start saving for any level of education from elementary school through graduate school. We accept ESA Rollovers.
- Effective January 1, 2002 , contributions up to $2,000 per taxable year to benefit a child under the age of 18 may be made by:
- Anyone filing a Single Tax Return with MAGI* up to $95,000
- Married couples filing a Joint Tax Return with MAGI* up to $190,000
- Those with higher MAGI* may be able to make smaller contributions
- All funds must be used by the time the child (beneficiary) reaches age 30
- Withdrawals are tax-free and penalty-free only for qualified education expenses
- Funds can be withdrawn and rolled over into another Coverdell Education Savings Account of another family member under age 30
- Tax Free Withdrawals for certain qualified education expenses
- Qualified higher-education expenses” (tuition, fees, books, supplies, and equipment)
- Elementary and secondary school expenses and any computer technology or equipment that is used by the beneficiary and the beneficiary’s family during any of the years that the beneficiary is in school
All of your accounts are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government by the National Credit Union Administration, so your money is safe and sound.
* MAGI = Modified Adjusted Gross Income from federal tax return. Please consult your tax advisor for additional tax information.