Yes, anyone can contribute to a Coverdell Education Savings Account on behalf of the designated beneficiary. You do not have to be related.
You can make a contribution to a Coverdell Education Savings Account as long as your income does not exceed these MAGI limits:
In 2023:
- $220,000 (married filing jointly)
- $110,000 for other filers
- Income phaseouts start at $190,000 (married filing jointly) & $95,000 (other filers).
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There can be multiple savings accounts established for the same child as long as the $2,000 annual limit is maintained. This is the total of all accounts directed to one child in a calendar year.
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