Frequently Asked Question 246
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What is a Coverdell ESA?
Education IRAs have been renamed Coverdell Education Savings Accounts (ESAs). An education savings account is a trust or custodial account created or organized in the United States only for the purpose of paying the qualified education expenses of the designated beneficiary of the account. Earnings on the Coverdell ESA grow tax free until withdrawn and even then, the withdrawal can remain tax free if it is not more than the qualified education expenses of the beneficiary. |
