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Question for the Money Doctors

Question submitted on Feb 16, 2015.

Question

Regarding Cloverdale Educational Savings plans. What are the modified adjusted gross income limits for an individual that files as "Head of Household" that would apply for contributions into a Cloverdale Educational Savings Plan?

Answer

The Head of Household modified adjusted gross income (MAGI) limits are the same as for those who file single.  You can contribute the annual maximum of $2,000 to a Coverdell Education Savings account up to a MAGI limit of $95,000.  The contribution is then phased out for single or head of household filers between $95,000 and $110,000.

You have until April 15 to contribute for the previous year.


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