The Coverdell Education Savings Account (CESA) is a non-deductible account (share or certificate of deposit) that offers tax-free savings for the education expenses of a designated child beneficiary.
Any withdrawal from a CESA for one of the following reasons may be tax-free:
Anyone may contribute to a CESA as long as the designated child is under 18 and the contributor's Modified Adjusted Gross Income (MAGI) does not exceed allowed limits. Check with a Texans representative or your tax advisor for more details.
For more information on our Texans Coverdell Education Savings Accounts, please contact us at 972.348.2000 (800.843.5295) or visit your nearest Texans branch.
*Be sure to consult your tax advisor.
Nothing herein should be construed as legal advice. See an accountant or legal professional to see if this product is right for you.