Coverdell Educational Savings Account
This account allows for nondeductible contributions to an account that features tax-free withdrawals for a child’s primary, secondary or post secondary education expenses.
The annual contribution limit is $2,000 per child and is subject to Modified Adjusted Gross Income adjustments.
Distributions for education expenses are tax-free.
529 College Savings Plan
College savings plans allow for nondeductible contributions and tax deferred accumulations of earnings. The Distributions are tax free for post secondary educational expenses.
There is no limit on the annual contributions; however the 529 College Savings Plan is capped at $350,000 per beneficiary. Anyone can contribute to the account. Annual gift tax should be considered when making contributions to a 529 plan.
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