ESA

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ESA

abbreviation for EURATOM SUPPLY AGENCY.
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1) Coverdell Education Savings Accounts allow income tax-free distribution of earnings to pay a beneficiary's qualified education expenses--pages 315-316.
The contribution amount to a Coverdell Education Savings Account is limited by a taxpayer's adjusted gross income (AGI).
Anyone with a modified adjusted gross income less than $220,000 (married filing jointly) may contribute up to $2,000 per year to any person under the age of 18 (beneficiary) via a Coverdell Education Savings Account (ESA, formerly called an Education IRA).
The Coverdell education savings account (CESA), formerly known as the education IRA, (22) is found under Sec.
A 529 college savings plan and/or a Coverdell Education Savings Account, if you qualify; are the answers.
Students receiving tax-free benefits from QTPs will also be allowed to claim the Hope or Lifetime Learning credits or receive a tax-free distribution from a Coverdell Education Savings Account, as long as the different programs do not pay for the same expenses.
Education IRA: The contribution limit for this IRA, renamed the Coverdell Education Savings Account, skyrockets from $500 to $2,000 beginning in 2002.
If a beneficiary receives taxable distributions from both a QTP and a Coverdell Education Savings Account (ESA) in the same year, as discussed below, the postsecondary expenses must be allocated between the distributions.
A Coverdell Education Savings Account, originally called an "Education IRA," may be created for the purpose of paying the qualified education expenses of a designated beneficiary.
At this point, clients who need to save for future higher education costs should contribute to a 529 plan, even if the contribution provides no state income tax savings, and/or to a Coverdell education savings account.
Her Education Savings for Students Act would increase Coverdell Education Savings Account maximum annual contributions from $2,000 to $5,000.