What if the child designated as beneficiary of the Account does not continue their education?
The Coverdell Education Savings Account must be used before the designated beneficiary attains the age of thirty (30) or the funds will be distributed and considered taxable income for the designated beneficiary. However, prior to the age of thirty (30), the funds may be rolled over into a Coverdell Education Savings Account for another eligible family member.
Related Questions
- What if my child (the Designated Beneficiary) does not go to college, or if the account assets exceed the Beneficiarys college costs?
- What if the child designated as beneficiary of the Account does not continue their education?
- How long before the money will appear in the designated account or be paid to my beneficiary?
