Announcement 2

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Announcement 2

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ACCOUNT TYPE

Coverdell Education (ESA)

A Coverdell Education Savings Account (ESA) enables the holder to make tax-advantaged investments to pay for the future education expenses of a beneficiary.

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AT-A-GLANCE

What should you know about a Self-Directed ESA?

Tax Benefits

Other Benefits

DISTRIBUTION RULES

What should you know about ESA distributions?

Minimum Distribution Facts

Early Distribution Facts

BELOW AGE 59½ AGE 59½ - 72 AGE 72 OR OLDER
You may distribute cash or assets from your Traditional IRA at any time, though a 10% early distribution penalty will apply. This penalty will be assessed on top of any applicable taxes. Upon reaching age 59½, you will no longer have to worry about the 10% early distribution penalty. Withdrawals will be taxed as regular income and need only occur at your election. You must begin taking required minimum distributions (RMDs) every year. RMDs are calculated in accordance with your age and your account value.
BELOW AGE 59½
You may distribute cash or assets from your Traditional IRA at any time, though a 10% early distribution penalty will apply. This penalty will be assessed on top of any applicable taxes.
AGE 59½ - 72
Upon reaching age 59½, you will no longer have to worry about the 10% early distribution penalty. Withdrawals will be taxed as regular income and need only occur at your election.
AGE 72 OR OLDER
You must begin taking required minimum distributions (RMDs) every year. RMDs are calculated in accordance with your age and your account value.

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GETTING STARTED

How do you fund your ESA account?

Contributions

You can contribute up to $2,000 per year in 2020 and 2021. ESA contributions are not deductible from your income for tax purposes.

Transfers

ESAs with the same beneficiary can be transferred or combined without limit.

Rollovers

An ESA can be rolled over to another family member, who would become the new beneficiary.

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OTHER INVESTMENTS

ROI is everywhere if you know where to look.

No financial advisor knows you better than yourself. With a Self-Directed IRA you have the freedom to invest your tax-advantaged retirement funds in the assets you’re most passionate about. From real estate to startups to small businesses to more “out there” opportunities, if you can find it, we will help you fund it.

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EDUCATION CENTER

Want to learn more about ESA accounts?