Is a Coverdell Education Saving Account a good option?
A Coverdell Education Savings Account can certainly be a big help. It is one of several different educational savings tools offered and it has many qualities that make it a worthwhile education savings option for parents saving for college. It’s ideal for parents who may be considering and need help paying for private school before college. By taking advantage of the Coverdell Education Savings Account, parents can set aside a small amount of money each year to help pay for educational expenses as they become due. The biggest disadvantage of the Coverdell Education Savings Account is, of course, the $2,000 annual limit on contributions. This means that for most parents, a Coverdell can’t be their only college savings plan if they don’t want to borrow money for higher education expenses. You’ll need to assess current laws, based on tax laws Coverdell Education Savings Account have limits which vary each year and designate caps prohibiting participation based on income for single filers
