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Senator Toomey sponsoring bill that would make it easier for grandparents to help their homeschooled grandchildren
Howard Richman, 11/17/2014

Here's the text of a press release from Senator Toomey's office:

WASHINGTON, D.C. – U.S. Senator Pat Toomey (R-Pa.) wants to make it easier for all parents to save for their children’s education.

He is supporting the 401(Kids) Education Savings Account Act, which increases the annual contribution a person can make to a Coverdell Education Savings Account to $14,000 each year. Currently, the Coverdell ESA can be used to cover K-12 education expenses as well as college costs. Sen. Toomey’s legislation would permit parents who homeschool a child to use these accounts to offset the cost of books, supplies, and equipment. Further, this measure permits an account holder to roll unused funds into a Roth IRA or to be used to purchase a first home.

“Congress can and should do more to assist all parents working to meet the costs of educating a child,” said Sen. Toomey. “Increasing the amount families can contribute and expanding the eligibility requirements of the Coverdell Education Savings Account is a common-sense way to help both parents and students.”

A Coverdell ESA is a custodial account created specifically to pay qualified education expenses. Contributions to a Coverdell ESA are not deductible, but amounts deposited in the account grow tax free until distributed.


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