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msmith7305
Level 6
February 9, 2020
Question

Coverdell Contributions

Is there anywhere to enter contributions to a Coverdell?

I can't find anything other than a place to record EXCESS contributions from prior years.

This topic has been closed for replies.

4 replies

George4Tacks
George4Tacks
Level 15
February 9, 2020

Not deductible. No place to record on a 1040. https://www.irs.gov/taxtopics/tc310

 

Answers are easy. Questions are hard!
msmith7305Author
Level 6
February 9, 2020

I agree it is not deductible. However, it would be nice to have a crosscheck as to how much of a contribution is allowed. There is a max MAGI limitation for contributions ($220k MFJ) with a phaseout range of $30,000 MFJ.  If there was a worksheet it would help in figuring out the allowable amount. 

George4Tacks
George4Tacks
Level 15
February 9, 2020
Not what you want, but IRS has one on page 49 https://www.irs.gov/pub/irs-pdf/p970.pdf
Answers are easy. Questions are hard!
msmith7305Author
Level 6
February 9, 2020

Ha! No, not the answer I want and yes, I'm aware of the worksheet.

Just would be nice to have the same type of warning system as the Deductible IRA worksheet.

 

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