VIEWpoint Issue 1 | 2022
Brief Insights | Meeting Provider Relief Fund Reporting Requireme...
VIEWpoint Issue 2 | 2021
Weathering the Storm of Rising Inflation
Want to See Into the Future? Delve Deeper Into Forecasting
Clean Vehicle Credit Comes With Caveats
Coverdell Education Savings Accounts (ESAs), like 529 savings plans, offer a tax-smart way to fund education expenses:
However, if Congress doesn’t extend this treatment, distributions used for precollege expenses will be taxable starting in 2013. So you can’t count on using tax-free ESA funds to pay these expenses next year – which essentially means as soon as the second half of the new school year.
Barring congressional action, ESAs will become less attractive in 2013 for an additional reason: The annual ESA contribution limit per beneficiary, currently $2,000, will go down to $500 for 2013. Contributions (both in 2012 and 2013) are further limited based on income.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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