2015 and 2016 Coverdell ESA
Contribution Limits And Deadlines
Deadline to open a Coverdell ESA: April 15 of next year, no extension.
Deadline to contribute to a Coverdell ESA: April 15 of next year, no extension.
The total contributions for the beneficiary of this account cannot exceed $2,000 in any year, no matter how many accounts have been established.
Any individual (including the designated beneficiary) can contribute to a Coverdell ESA if the individual's MAGI for the year is less than $110,000.
For individuals filing joint returns, that amount is $220,000.
Contributions can be made, without penalty, to both a Coverdell ESA and a QTP in the same year for the same beneficiary.
Contributions to a Coverdell ESA are not deductible, but amounts deposited in the account grow tax-free until distributed.
Contributions to a Coverdell ESA may be made until the due date of the contributor’s return, without extensions.
Contributions must be made in cash.
Contributions must be made before the beneficiary reaches age 18.
Contributions can be made to one or several Coverdell ESAs for the same designated beneficiary, provided the total contributions to all accounts do not exceed the contribution limits for the year.