What is a Coverdell Education Savings Account (ESA)?
A. The Taxpayer Relief Act of 1997 created the Education IRA, now known as the Coverdell ESA. Its sole purpose is to help you pay for your childs education expenses, such as tuition, fees, books, supplies, equipment, and in some cases, room and board and computers. These options were improved by the Economic Growth and Tax Relief Reconciliation Act of 2001. This article is not intended as tax advice. Contact a tax professional.
