Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
I wanted to get thoughts on a coverdell for K-12 tuition at a private school. Can I deposit the $2,000 maximum for my child on September 1st, then use that on September 5th to pay off the tuition bill?

I can prove it would be a qualified expense so I should be okay there...I was more wondering if the turnaround time was ok, or if it has to be in the account for x months.

Thanks!
Print the post Back To Top
No. of Recommendations: 0
I wanted to get thoughts on a coverdell for K-12 tuition at a private school. Can I deposit the $2,000 maximum for my child on September 1st, then use that on September 5th to pay off the tuition bill?

I can prove it would be a qualified expense so I should be okay there...I was more wondering if the turnaround time was ok, or if it has to be in the account for x months.


You can do this. There’s no benefit in doing so. Coverdell contributions are not tax deductible. The 1¢ you earned in interest might be tax free though.

Puzzled,

- HCF
Print the post Back To Top