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Can I contribute to a Upromise College Fund account and a Coverdell Education Savings Account in the same year?

April 26, 2017account college contribute Coverdell Education fund savings account Upromise year

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Can I contribute to a Upromise College Fund account and a Coverdell Education Savings Account in the same year?

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Yes. However, to the extent that the total withdrawals from both accounts exceed the amount of the qualified higher education expenses incurred that qualify for tax-free treatment under Section 529, the recipient must allocate his/her qualified higher education expenses between both withdrawals to determine how much may be treated as tax-free under each program. *An investment plan of regular investment cannot assure a profit or protect against a loss in a declining market.