Educational Savings Account
Since 1980, the cost of college tuition has risen nearly eight times faster than wages. Even pre-college education has become a major investment. Education savings is clearly more important than ever. The Coverdell Education Savings Account (ESA) offers a potentially tax-advantaged way to help you and your family manage the costs of education.
- Fund elementary, secondary or college education
- Contribute up to $2,000 a year per beneficiary
- Tax-free withdrawal benefits
Everything you need to know
There are several important items to keep in mind when thinking about a Coverdell ESA. Your Ameris banker will be sure to discuss all of these, and more, with you:
- Open and make contributions on behalf of a child 18 or younger or a person of any age with special needs (the Beneficiary) for qualified education expenses
- Contributions are subject to limitations and are not tax deductible, but withdrawals can be made tax-free when needed for qualified education expenses; early withdrawal penalties may apply.1
- Annual income may impact eligibility; consult your tax advisor.
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Ameris Bank does not provide tax advice. Please consult your tax advisor to determine how this information may apply to your situation.
1 Consult a tax advisor
Ameris Bank is a full-service financial institution serving customers in the Southeast and Mid-Atlantic, with locations in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee and Virginia.