Education Savings Account (ESA)

Business / Taxes / Education Savings Account (ESA): You can put up to $2,000 a year into a Coverdell education savings account (ESA) that you establish in the name of a minor child. The assets in the account can be invested any way you choose. There is no limit on the number of accounts you can set up for different beneficiaries, but no more than a total of $2,000 can be contributed in a single beneficiary’s name in any one year. If you choose, you may switch the beneficiary of an ESA to another member of the same extended family. Your contribution is not tax deductible. But any earnings that accumulate in the account can be withdrawn tax free if they're used to pay qualified educational expenses for the beneficiary until he or she reaches age 30. The costs can be incurred at any level, from elementary school through a graduate degree, or at a qualified post-secondary technical or vocational school. There are no restrictions on using ESA money in the same year the student uses other tax-free savings, or the student, parent, or guardian uses tax credits for educational expenses. But you can’t take a credit for expenses you covered with tax-free withdrawals. To qualify to make a full $2,000 contribution to an ESA, your modified adjusted gross income (MAGI) must be $95,000 or less, and your right to make any contribution at all is phased out if your MAGI is $110,000 if you’re a single taxpayer. The comparable range if you’re married and file a joint return is $190,000, phased out at $220,000.

Other Words for Account

Account Noun Synonyms: calculation, accounting, reckoning, computation, (financial) statement, enumeration
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Other Words for Education

Education Noun Synonyms: learning, lore, knowledge, information, erudition
Education Adjective Synonyms: teaching, schooling, training, instruction, tuition, tutelage, edification, tutoring, cultivation, upbringing, indoctrination, drilling
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Other Words for Savings

Savings Adjective Synonyms: resources, reserve, cache, hoard, nest egg
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Negotiable-Order-Of-Withdrawal Account

Business / Taxes / Negotiable-Order-Of-Withdrawal Account: A negotiable-order-of-withdrawal (NOW) account is an interest-bearing checking account that pays interest on the balance, usually at a rate comparable to a money market account. You may be required to MORE

National Agricultural Research Extension Education And Economics Advisory Board

Business / Agriculture / National Agricultural Research Extension Education And Economics Advisory Board: A 30-member board established by the FAIR Act of 1996 to replace three previous advisory committees. The Board advises USDA on national priorities and policies related to agricultural research, extens MORE

Net Realizable Value Of Accounts Receivable

Business / Accounting / Net Realizable Value Of Accounts Receivable: The net amount that would be received if all receivables considered collectible were collected: equal to total accounts receivable less the allowance for uncollectible accounts: also called the book v MORE

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