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TD Ameritrade Education Accounts
TD Ameritrade offers Education Accounts to help investors save tax-deferred money for their kids’ college educations that include 529 Plans, Coverdell Education Savings Accounts and Custodial Uniform Gift to Minors Act (UGMA)/Uniform Transfer to Minors Act (UTMA) Accounts.
529 Plans are designed to meet the needs of every family and budget for saving money for college educations of beneficiaries. There are no minimum annual contribution requirements and choices may be limited and vary between plans and states, details of which are outlined in the Plan’s enrollment handbook.
Coverdell Education Savings Accounts are created to save tax-deferred money for higher education expenses that include tuition, books and uniforms. Contributions are not tax deductible and can be made by people under the age of 18 with maximum contributions of $2,000 per year. Distributions from these type of college savings accounts may be tax free but must be used only to pay for qualified higher education expenses. Coverdell ESAs enable traders to invest in a wide variety of financial assets, including stocks, bonds and mutual funds.
Custodial Uniform Gift to Minors Act (UGMA)/Uniform Transfer to Minors Act (UTMA) Accounts make it simple to transfer property, cash or other security to a minor without the need to establish a formal Trust and without restrictions as to the guardianship of a minor’s property. Gifts to these accounts become the irrevocable property of the minor for whom the account was established Assets in these types of accounts are controlled by a custodian until the minor reaches the age of majority in the state in which the educational savings account was established. These types of custodial accounts are not tax deferred and are taxed at the minor’s tax rate.
TD Ameritrade Education Accounts Conclusion
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