Timing of Coverdell distributions

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  • #77455
    robinsd
    Participant

    I am unclear about the timing of distributions from Coverdell accounts. Do you have to do it within the same tax year that the expense was incurred, or is there perhaps some time during the beginning of the tax year in which you can take distributions from the previous year? The latter case would be analogous to how you can make an IRA contribution for the previous tax year.

    #77463
    Kaye Thomas
    Moderator

    Distributions are tax-free up to the amount of qualified education expenses in the same taxable year in which the distributions occurred. There is no carryover from or carryback to a previous year.

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