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What is a Coverdell ESA?

A Coverdell education savings account (ESA) is a custodial account created at a U.S. bank for an individual under age 18 only for the purpose of paying qualified education expenses.

Contributions to ESAs aren't deductible, but amounts deposited grow tax free until distributed. The distributions used for education are tax free if they don't exceed the future student’s education expenses.

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