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IRA Contribution - Coverdell ESA Contribution Limits and Deadlines

IRA Contribution Limits and Deadlines

 

1 - Traditional and Roth IRA Contribution Limits and Deadlines
2 - Roth Conversion - Not a Contribution
3 - SEP IRA Contribution Limits and Deadlines
4 - Simple IRA Contribution Limits and Deadlines
5 - Individual and Roth Individual 401(k) Contribution Limits and Deadlines
6 - HSA Contribution Limits and Deadlines
7 - Coverdell ESA Contribution Limits and Deadlines
8 - Transfers and Rollovers
9 - Other Contributions Restrictions




Coverdell ESA Contribution Limits and Deadlines

Year

Contribution Limit

2013

$2,000

2014

$2,000


The total contributions for the beneficiary of this account cannot be more than $2,000 in any year, no matter how many accounts have been established.

Any individual (including the designated beneficiary) can contribute to a Coverdell ESA if the individual's MAGI (defined later under Contribution Limits) for the year is less than $110,000. For individuals filing joint returns, that amount is $220,000.

Contributions can be made, without penalty, to both a Coverdell ESA and a QTP in the same year for the same beneficiary.

Contributions to a Coverdell ESA are not deductible, but amounts deposited in the account grow tax free until distributed.

Contributions to a Coverdell ESA may be made until the due date of the contributor’s return, without extensions.

Learn more about the benefits of an Coverdell (ESA - Education Savings Account) Click here.

Free educational videos available "10 Alternative Ways To Invest Your Retirement" Click here.

To read more about IRA contribution limits visit IRS website.

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