My wife and I file our taxes jointly. We would like to contribute to Coverdell Education Savings Accounts for our kids. Because of our joint income, the maximum that we can contribute is less than $2000. I was wondering if both of us can individually contribute to the same child's account. To make it more specific, let's say our MAGI is $205000, which means the max we can contribute according to IRS formula is $1000. Can we each contribute $1000? I asked a financial advisor and he told me to consult a tax professional but he said "my guess is that a married couple who files jointly would count as one eligible contributor." This does not make too much sense to me because if we had filed our taxes separately, this would be a non-issue since both of our would have our own separate limits and we would be able to make the full $2000 allowed contribution to the child's account.
