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Decide not to use Coverdell Educational Savings Account

What happens to the Coverdell Educational Savings Account if my child chooses not to go to college?

Coverdell ESA assets not used by the designated beneficiary’s 30^th birthday will be distributed within 30 days as taxable income to the designated beneficiary. Or, the funds may be rolled over to an eligible family member’s Coverdell ESA.

For a complete list of eligible family members, please refer to IRS Publication 970: Tax Benefits for Education, which can be found at www.irs.gov.

Decide not to use Coverdell Educational Savings Account

What happens to the Coverdell Educational Savings Account if my child chooses not to go to college?

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Equal Housing Lender

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