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The Coverdell Education Savings Account (formerly called Education IRA) provides tax-free earnings when the funds are used for a child's education expenses, such as college.
Maximum annual contribution of $2,000
Mandatory distributions begin if balance remains when beneficiary reaches age 30
Beneficiary does not have to be a relative
Beneficiary must be under 18 at time of opening
No income restrictions or limits to open
Contributions are not tax deductible
*Qualified expenses include tuition and fees, books, supplies, room and board, etc.
Discover offerings that make managing your finances easier. Thoughtfully designed to provide guidance, convenience, and peace of mind.
Red River Federal Credit Union is a member-owned financial institution dedicated to providing reliable banking, competitive loans, and convenient digital services to help our community thrive.
