Taking Advantage Of The Coverdell Education Savings Accounts
Students aiming to acquire a computer for the coming school year might take advantage of the Coverdell education savings accounts. Just make sure that they get things right in using these tax-advantage accounts. The attraction to this savings account is that the cash you deposited will accumulate free from taxes. The withdrawals are not also taxed if used for scholastic purposes. The congress included computers even if it is not on the list of the students’ requirements, to the list of expenses where the students can make use of the money coming from the tax-preferred 529 school savings plan for 2009 and 2010.
Excerpt:
“The ability to use these accounts for home computer purchases is a reason to consider opening one. So if your kid asks you for an iPad or a laptop, have them open an account and start saving.”
Original article can be found at:
http://www.forbes.com/sites/ashleaebeling/2011/08/16/get-uncle-sam-to-help-you-buy-an-ipad-in-2011/
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