|
Qualified Tuition Programs
Section 529 plans
|
Coverdell Education Savings
Accounts ESA plans
| |
|---|---|---|
| Description |
*State plans that allow
contribututions to
an account to pay for expenses of the beneficiary
*State or educational institution plans that
allow prepayment of
qualified education expenses
|
Accounts similar to ROTH IRA's used to pay
qualified education expenses of a designated
beneficiary
|
| Qualified Expenses |
Higher education expenses:
*Tuition, fees, books, supplies, equipment
*Room and board - if at least 1/2 time and required for
attendance
or enrollment
*Computer software, hardware, internet access
to be used by the beneficiary and the beneficiary's
family during any of
the years the student is enrolled
at an eligible institution
|
Higher education expenses:
*Tuition, fees, books, supplies, equipment
*Room
and board
Primary & Secondary expenses:
* Tuition, fees, books, supplies, equipment
* Room and board at school, uniforms
*Computer
technology used by the student
Contributions to a QTP for the designated
benenficiary
|
| Ownership |
Any US citizen or resident with a valid
SSN, including
the beneficiary. Owner & beneficiary do not need to
be related
|
Beneficiary or parent |
| Age Limit | None |
No contributions
once beneficiary is 18
Balance must be distributed at age 30
Age limits do not apply to beneficiaries with
special needs
|
| Contribution Limit |
No annual limit
Account balance limits are set by plan.
|
$2,000 per beneficiary for 2015 |
| Contributors |
Any individual including
beneficiary or entity
No income limits
|
Any individual including the beneficiary subject to
income limits. Any entity not subject
to income
limits
|
| Phaseout | None |
Modified AGI: $ 95,000 - $110,000
($190,000-$220,000 MFJ)
|
| Deadline | None | April 15, 2010 for 2009 contributions |