- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Due to income limits I've realized I overcontributed to Coverdell accounts for my two kids for 2015 and 2016. I want to transfer all the money to their 529 accounts, how
I first contributed to Coverdell Education Saving Accounts for my two kids in 2014 ($450 each). I contributed again in 2015 ($1,800 each) and the current year for 2016 ($1,200 each before I stopped). I have realized due to income I wasn't allowed to contribute for 2015 or 2016 (although I was for 2014). I am now wondering what I need to do and how to report on my taxes for 2016 and/or prior years. I'm also hoping to just transfer it all to their 529s (it is currently sitting in the Coverdell accounts at TIAA-Cref), so I'm wondering how I would do that and how to report it for tax purposes. Thank you.
Topics:
May 31, 2019
5:51 PM