Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

coverdell esa

699574
Level 3

i have two clients who each want to setup a $2,000 coverdell esa account to a single  beneficiary.

is each beneficiary allowed only one account?

0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

1 Comment 1
qbteachmt
Level 15

Resources:

https://www.irs.gov/taxtopics/tc310

https://www.bogleheads.org/wiki/Coverdell_Education_Savings_Accounts

"Special care must be taken for multiple accounts established for a beneficiary by different donors (for example, a parent and a grandparent) that the $2,000 annual limit is not exceeded, since excess contributions are subject to a 6% excise tax."

 

Just as examples...

*******************************
Don't yell at us; we're volunteers