Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-24-2011, 01:03 AM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
When must assets in Coverdell Education Savings Account (ESA) be distributed?

Per the IRS, any assets remaining in a Coverdell ESA must be distributed when either one of the following two events occurs as shown below.

1. The designated beneficiary reaches age 30.
In this case, the remaining assets must be distributed within 30 days after the beneficiary reaches age 30. However,this rule does not apply if the beneficiary is a special needs beneficiary.

2. The designated beneficiary dies before reaching age 30. In this case, the remaining assets must generally be distributed within 30 days
after the date of death.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
2010 is the last chance to use funds in a Coverdell Education Savings account to pay for private elementary and high school tuition! TaxGuru Education Planning 0 12-15-2010 12:54 AM
Under what circumstances are Health Savings Account (HSA) distributions tax-free? TaxGuru Medical 0 10-26-2009 12:35 AM
What are Coverdell Education Savings Accounts? paulamar Education Planning 1 03-28-2008 09:03 PM
Who is eligible for Health Savings Account? presley Medical 3 02-27-2008 06:04 PM
Health Savings Account (HSA's) Limits for 2007 TaxGuru Medical 0 01-07-2008 11:44 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.