NuMark Credit Union
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Coverdell Education Saving Accounts

 

COVERDELL ESA

WHO CAN CONTRIBUTE?

  • 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

 

COVERDELL ESA

WHAT ARE THE TAX ADVANTAGES?

  • 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

 

COVERDELL ESA

WHEN CAN WITHDRAWALS BE TAKEN WITHOUT PENALTY?

  • 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  • Funds can be withdrawn and rolled over into another Coverdell Education Savings Account of another family member under age 30

 

COVERDELL ESA

WHEN MUST REQUIRED DISTRIBUTIONS BEGIN?

  • All funds must be used by the time the child (beneficiary) reaches age 30

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Locations
Joliet
1654 Terry Drive, Route 6
P.O. Box 2729
Joliet, IL 60434-2729
Phone: (815) 729-3211
FAX: (815) 729-3228
View Joliet map and directions
Crest Hill
2380 Caton Farm Road
Crest Hill, IL 60403
Phone: (815) 729-3211
FAX: (815) 729-0877
View Crest Hill map and directions
Countryside
9809 W. 55th Street
Countryside, IL 60525
Phone: (708) 429-8590
FAX: (708) 354-6290
View Countryside map and directions
Countryside
8001 W. 159th Street
Tinley Park, IL 60477
Phone: (708) 429-8590
FAX: (708) 429-9303
View Countryside map and directions
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