What is a Coverdell Education Savings Account (ESA)?

A Coverdell Education Savings Account (ESA) is a trust or custodial account for a designated beneficiary to pay for qualified education expenses. Contributions to a Coverdell ESA are made with after-tax funds and are not deductible, but earnings are not taxed if withdrawals meet certain requirements. Coverdell ESAs must be held by a qualified institution, such as a bank or trust, and individuals, corporations and trusts can make contributions.

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