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: Coverdell Education Savings :

Formerly called the Education IRA, this account type gives a tax-advantaged savings vehicle for educational purposes. Unlike a Traditional or Roth IRA, the funds contributed are considered a gift to the designated beneficiary under the age of 18. (This age limit may be waived for those qualifying as "Special Needs" beneficiaries. ) The funds in these accounts must be coordinated with other education plans such as State Tuition Plans or HOPE and Lifetime Learning tax credits. The account must be designated as a Coverdell Education Savings account when opened.

The maximum contribution limit for tax-year 2008 is $2000 per child per year depending on your AGI. Joint filers with AGI less than $220,000 and single filers with AGI less than $110,000 are eligible for maximum contribution amounts. Individuals with a modified adjusted gross income between $190,000 and $220,000 (joint) and $95,000 and $110,000 (single) are eligible for reduced contribution amounts. If the modified adjusted gross income is $220,000 (joint) or $110,000 (single) or more, no contributions may be made to anyone's Coverdell ESA.

Distributions may only be taken by the beneficiary when the child reaches 18 years old. Distributions are tax and penalty free and must be used for qualified higher education expenses such as tuition, fees, books, supplies, and equipment for colleges and vocational schools. Any funds not used by the beneficiary by be rolled over into another Education IRA for another beneficiary under age 18. All funds are to be withdrawn by the time the beneficiary reaches age 30. (The age limit may be waived for those qualifying as "Special Needs" beneficiaries.)

Making contributions to an Education IRA does not exclude a qualified individual from contributing up to the maximum allowed in Traditional or Roth IRAs for retirement savings.

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