Save for a child's education expenses -
and save on taxes.
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The tax-advantaged investment tool for children's qualified education expenses.
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The smart way for a parent or grandparent to save for a child's education.
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Earnings on contributions grow tax-free.
Details
Maximum annual contribution of $2,000 per child from all
sources.
Make contributions throughout the year or in one lump sum
before the filing deadline for that year's income tax return.
Tax-free withdrawals for qualified education expenses
including tuition, fees, books, supplies, and equipment -
even for elementary and secondary school expenses.
Make contributions for children until they are the age of 18;
generally, assets in the account must be withdrawn before
the child turns 30.
Contributions are limited above incomes of $95,000 for
single taxpayers and $190,000 for married taxpayers
filing a joint return.
Rollover any unused accounts funds, without penalty,
to other eligible family members, provided they are
under age 30.