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.
There is no limit on the amount of a qualified transfer, and qualified transfers may be made in conjunction with other education savings techniques (e.g., annual exclusion gifts and contributions to 529 Plans and Coverdell Education Savings Accounts).
* Coverdell Education Savings Accounts (ESAs): formerly Education IRAs
The contribution amount to a Coverdell Education Savings Account is limited by a taxpayer's adjusted gross income (AGI).
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.
Participants in the plan may contribute by check, electronic funds transfer, automatic contributions, rollovers from other 529 college savings plans, transfers from a UTMA/ UGMA account, transfers from a Coverdell Education Savings Account, transfers from the redemption of Qualified US Savings Bonds, gifts by thirdparty contributors such as family and friends, and payroll deduction from employers.
The Coverdell education savings account (CESA), formerly known as the education IRA, (22) is found under Sec.
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. The tax treatment of contributions to a Coverdell account and such a 529 plan are effectively the same as for a Roth IRA, because none of these options provides a tax deduction for a contribution or carries any tax cost on either the investment's earnings or qualified withdrawals.
Her Education Savings for Students Act would increase Coverdell Education Savings Account maximum annual contributions from $2,000 to $5,000.