This report describes the mechanics of Coverdell college savings plans and examines the specific tax advantages of these plans. Specifically, this report reviews the major parameters of Coverdells and then examines the income and gift tax treatment of Coverdells, using a stylized example to illustrate key concepts. The report also examines the tax treatment of rollovers and the interaction of Coverdells with other education tax benefits. Finally, the report looks at how Coverdells affect a student's eligibility for federal need-based student aid.
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Description
This report describes the mechanics of Coverdell college savings plans and examines the specific tax advantages of these plans. Specifically, this report reviews the major parameters of Coverdells and then examines the income and gift tax treatment of Coverdells, using a stylized example to illustrate key concepts. The report also examines the tax treatment of rollovers and the interaction of Coverdells with other education tax benefits. Finally, the report looks at how Coverdells affect a student's eligibility for federal need-based student aid.
This report is part of the following collection of related materials.
Congressional Research Service Reports
The Congressional Research Service (CRS) is the public policy research arm of Congress. This legislative branch agency works exclusively for Members of Congress, their committees and their staff. This collection includes CRS reports from the mid-1960's through 2018—covering a variety of topics from agriculture to foreign policy to welfare.
Crandall-Hollick, Margot L.Tax-Preferred College Savings Plan: An Introduction to Coverdells,
report,
March 13, 2018;
Washington D.C..
(https://digital.library.unt.edu/ark:/67531/metadc1156797/:
accessed May 8, 2024),
University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu;
crediting UNT Libraries Government Documents Department.