Need help with your retirement or education plans?
Coverdell Education Savings Account
Learn more about Coverdell Education Savings Account on the IRS's website.
Best if you... |
Are a parent or guardian who wants to save for a child’s education |
Tax Advantages |
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Contribution Limits |
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Withdrawals / Distributions |
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Fees |
None |
Individual Retirement Accounts (IRAs)
Best if you... |
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Are self-employed or are a small business owner |
Tax Advantages |
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All earnings grow tax-free, & you don’t pay taxes when you take money out |
You don’t pay taxes until you take money out of the account |
Contribution Limits |
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For 2024, you can contribute up to $7,000 ($8,000 if you’re age 50 or older) |
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Withdrawals / Distributions |
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Fees |
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Account Closure Fee: $25 if closed within the first year of opening |
Account Closure Fee: $25 if closed within the first year of opening |
Account Closure Fee: $25 if closed within the first year of opening |