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Financial Planning / Tax Strategies
|Subject: Coverdell ESA - Withdrawals||Date: 8/12/2013 9:54 AM|
|Author: TuJeste||Number: 118992 of 124771|
I hope someone can help with this query ...
I am a UK citizen who for a while lived in the US but am now back living in Britain
Some years back, whilst in the States, I set up an Education IRA (now a Coverdell ESA) for my son. I made several contributions to the ESA but the fund was badly hit by the dotcom fallout (as was my job) and the value of the holdings fell well below the amount of contributions. Although the value of the fund has recovered over the years it is still below the level of contributions.
Am I able to withdraw the funds without having to go through the rigmarole of showing qualified educational expenses?
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