ESA - Education Savings Account Contribution Limits for 2019 and 2020

ESA Contribution Deadlines

Tax-year 2018 deadline is April 15th, 2019
Tax-year 2019 deadline is April 15th, 2020

ESA Information

A Coverdell Education Savings Account (ESA) is a way to save for your child’s education. Contributions to an ESA are not tax deductible, but the earnings grow tax-deferred and will be tax-free if used for education.

Education Savings Account (ESA) Contribution Limits

	2019	2020
Per year until the child is age 18 unless the child has special needs.	$2,000	$2,000

Eligibility for ESAs

Any adult or entity can establish an Education Savings Account (ESA) for any child below the age of 18.
Age exceptions apply for special needs beneficiaries.

Other Important Information

The beneficiary does not have to be related to the individual(s) who open the account or make annual contributions to the account.
Contributions must be made in cash but you are not required to contribute every year.
Funds can be transferred to any eligible family member below the age of 30.

Education Savings Account (ESA) - IRS Limitations

There are limits to who may contribute to a Coverdell ESA. Your eligibility is based on your modified adjusted gross income (MAGI) and tax filing status.

Single filers can contribute to a Coverdell account if their MAGI for the year is less than $110,000. For married couples filing a joint return, the MAGI threshold is $220,000. A trust or corporation can also make contributions to a Coverdell account on behalf of an eligible student. The income limits don’t apply to organizations making ESA contributions.

Frequently Asked Questions

What is an ESA?

Coverdell Education Savings Accounts (ESA) are tax deferred trust accounts. They are designed to help families paying for educational expenses for beneficiaries who must be 18 years of age or younger when the ESA is established.

What are the eligibility requirements to open an ESA?

Any adult may establish an ESA for a child who is 18 years old or younger. The beneficiary does not need to be related to the individual who opened the account. Age exceptions do apply for those beneficiaries with special needs.

How much can I contribute to an ESA?

Eligible beneficiaries are able to receive up to $2,000 per year until they reach the age of 18, unless the beneficiary has special needs.

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Education Savings Account (ESA) Contribution Limits

ESA Contribution Deadlines

ESA Information

Education Savings Account (ESA) Contribution Limits

Eligibility for ESAs

Other Important Information

Education Savings Account (ESA) - IRS Limitations

Frequently Asked Questions

IRA Contribution Limits FAQs

Learn the answers to the most asked questions on the topic of contribution limits