Phone Number: 763-639-0868

Monday, November 18, 2019

Coverdell Savings

A Coverdell education savings account is a tax-advantaged educational savings account that you can establish for any child under the age of 18 (this age limit does not apply to beneficiaries with special needs).

Contributions to a Coverdell ESA can total up to $2,000 each year. Contributions are made with after-tax dollars, but distributions used to pay qualified education expenses are income tax free at the federal level. States may also exempt such distributions from state income tax.

Note: The provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 increased the annual contribution limit for Coverdell ESAs to $2,000, and the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 extended this contribution limit through 2012.

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Advisory Services offered through Investment Advisors, a division of ProEquities, Inc., a Registered Investment Advisor. Securities offered through ProEquities, Inc., a Registered Broker/Dealer, and member FINRA and SIPC.  Conneran Financial is Independent of ProEquities, Inc.

Please be advised that presently Thomas Conneran holds series 6, 7, 63 and 65 licenses in CA, CT, DC, MD, MN, MT, ND, TX, VA, and WI. For residents of other states in which registration is not held, proper licenses and registrations must be obtained by representatives before proceeding further. No part of this communication should be construed as an offer to sell any security or provide investment advice or recommendation. Securities offered through ProEquities, Inc. will fluctuate in value and are subject to investment risks including possible loss of principal.