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Coverdell Education Savings Account from Downey Savings
Coverdell Education Savings Account
from Downey Savings
The Downey Savings Coverdell Education Savings Account allows you to make annual contributions of up to $2,000 towards a minor's education up until his or her 18th birthday. Contributions are not tax-deductible, but withdrawals for qualified educational expenses are tax-free (all other withdrawals may be subject to a 10% premature distribution tax and regular income taxes on the earnings).
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Coverdell Education Savings Account Reviews
Oct 31, 2008 2:36 am
This is a great way to save for a child's future college expenses early. The money you invest is tax deferred, but the trade off is that there is a cap on how much you can deposit each year. Therefore it's a good idea to start saving early on to fully take advantage of this account.
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