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Coverdell Education Savings Account
Saving for a child's education is a great investment in the future. Which option is right for your family? The Coverdell Education Savings Account (formerly called Education IRA), allows you to save money that earns tax-free interest. Withdrawals from the account are tax-free if used for qualifying education expenses including:
- Tuition
- Fees
- Academic tutoring
- Special needs services
- Books, supplies, equipment
- Room and board
- Uniforms
- Transportation
- Educational computer technology, equipment, and Internet access
The total contributions for the beneficiary (who is under age 18 or is a special needs beneficiary) of this account in any year cannot be more than $2,000, no matter how many accounts have been established. The Coverdell ESA can be used for elementary, secondary and post-secondary education.
Call or visit your nearest Johnson Bank branch to find out if a Coverdell account is the right investment for you.
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