KBID 422 Date Created: 4/3/2003 Date Modified: 8/22/2023
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:
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.