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MCCU’s Coverdell Education Savings Account is a type of IRA that must be used to pay for qualified higher education expenses of the beneficiary. It’s a great tool for parents, grandparents, or anyone with a special child in their life. Annual contributions are limited to $2,000 per beneficiary under age 18. Contributions are not tax-deductible and earnings on the contributions will be tax-deferred until distribution.
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