Comments on: College Savings Plans – Coverdell Educational Savings Account (ESA) http://cashmoneylife.com/2009/03/10/college-savings-plans-coverdell-educational-savings-account-esa/ Money Management, Small Business, Career Wed, 10 Mar 2010 15:02:48 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Ryan http://cashmoneylife.com/2009/03/10/college-savings-plans-coverdell-educational-savings-account-esa/comment-page-1/#comment-21271 Ryan Fri, 15 Jan 2010 20:50:22 +0000 http://cashmoneylife.com/?p=1456#comment-21271 Ben, From what I have seen, the limits are $2,000 for 2010. Ben, From what I have seen, the limits are $2,000 for 2010.

]]> By: Ben http://cashmoneylife.com/2009/03/10/college-savings-plans-coverdell-educational-savings-account-esa/comment-page-1/#comment-21270 Ben Fri, 15 Jan 2010 20:07:48 +0000 http://cashmoneylife.com/?p=1456#comment-21270 Did Congress act to keep the limit at $2,000 or has it reverted to $500? Did Congress act to keep the limit at $2,000 or has it reverted to $500?

]]> By: Ryan http://cashmoneylife.com/2009/03/10/college-savings-plans-coverdell-educational-savings-account-esa/comment-page-1/#comment-21145 Ryan Wed, 06 Jan 2010 14:31:16 +0000 http://cashmoneylife.com/?p=1456#comment-21145 Paul, I believe so, I would just recommend keeping receipts of everything so you can prove the costs were school related, should there ever be any questions about it. If you are unsure, then I recommend contacting your plan administrator or a tax professional for more information. Paul, I believe so, I would just recommend keeping receipts of everything so you can prove the costs were school related, should there ever be any questions about it. If you are unsure, then I recommend contacting your plan administrator or a tax professional for more information.

]]> By: Paul http://cashmoneylife.com/2009/03/10/college-savings-plans-coverdell-educational-savings-account-esa/comment-page-1/#comment-21140 Paul Wed, 06 Jan 2010 10:23:03 +0000 http://cashmoneylife.com/?p=1456#comment-21140 Can a Coverdell ESA be used for expenses related to homeschooling, for example textbooks, resources materials, educational videos? Can a Coverdell ESA be used for expenses related to homeschooling, for example textbooks, resources materials, educational videos?

]]> By: Ryan http://cashmoneylife.com/2009/03/10/college-savings-plans-coverdell-educational-savings-account-esa/comment-page-1/#comment-20642 Ryan Wed, 09 Dec 2009 02:29:34 +0000 http://cashmoneylife.com/?p=1456#comment-20642 Michelle, The $2,000 is the max any one person can have contributed to his or her account in any given year, regardless of how many people contribute to it. For example, you could contribute $1,000 to your child's fund and your parents could also contribute another $1,000 to the fund and it would be maxed out. You couldn't both contribute $2,000. I believe the limit only applies to contributions; I'm not sure about transfers. Michelle, The $2,000 is the max any one person can have contributed to his or her account in any given year, regardless of how many people contribute to it. For example, you could contribute $1,000 to your child’s fund and your parents could also contribute another $1,000 to the fund and it would be maxed out. You couldn’t both contribute $2,000. I believe the limit only applies to contributions; I’m not sure about transfers.

]]> By: Michelle http://cashmoneylife.com/2009/03/10/college-savings-plans-coverdell-educational-savings-account-esa/comment-page-1/#comment-20640 Michelle Wed, 09 Dec 2009 01:05:27 +0000 http://cashmoneylife.com/?p=1456#comment-20640 Ryan: Does the contribution limit of $2,000 apply if a Coverdell account is transferred to another relative? What if the amount to be transferred is more than $2,000? Thanks. Ryan:
Does the contribution limit of $2,000 apply if a Coverdell account is transferred to another relative? What if the amount to be transferred is more than $2,000?

Thanks.

]]> By: Ryan http://cashmoneylife.com/2009/03/10/college-savings-plans-coverdell-educational-savings-account-esa/comment-page-1/#comment-17214 Ryan Sun, 22 Mar 2009 17:45:59 +0000 http://cashmoneylife.com/?p=1456#comment-17214 <strong>My Journey: </strong>The biggest reason someone would open a Coverdell is that you can change the asset allocation and investments at will, where you can only do it twice per year with a 429 plan. There are a couple other small reasons, but overall, I think the 529 is a more flexible plan. My Journey: The biggest reason someone would open a Coverdell is that you can change the asset allocation and investments at will, where you can only do it twice per year with a 429 plan. There are a couple other small reasons, but overall, I think the 529 is a more flexible plan.

]]> By: My Journey http://cashmoneylife.com/2009/03/10/college-savings-plans-coverdell-educational-savings-account-esa/comment-page-1/#comment-17204 My Journey Sat, 21 Mar 2009 05:03:20 +0000 http://cashmoneylife.com/?p=1456#comment-17204 CashMoney, A planner came into my office today, and asked me why would anyone choose the Coverdell? I can't think of one reason - can you? CashMoney,

A planner came into my office today, and asked me why would anyone choose the Coverdell? I can’t think of one reason – can you?

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