Are there restrictions opening a Coverdell Educational Savings Account?
Yes. You can open an ESA account if your modified adjusted gross income is less than $190,000 for married joint filers and less than $95,000 for single filers. For married joint filers, if your modified adjusted gross income is between $190,000 – $220,000, you can still open an ESA account, however, your contribution limits will be impacted. Single filers with a modified adjusted gross income between $95,000 – $110,000 will also have limits to the amount of contributions you can make. The maximum contribution amount per child is $2000 per year. The child must be under 18 to receive the contribution to their account.
