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Project growth of a Coverdell Education Savings Account.
The annual contribution limit is $2,000 per beneficiary across all ESAs. Contributions phase out for higher-income contributors.
Funds can be used for qualified K-12 expenses (unlike 529 plans) and higher education expenses. This flexibility is a major advantage.
Funds must be used by age 30 or transferred to another eligible family member. Unused funds are distributed with taxes and a 10% penalty on earnings.