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S. 141, The College Savings Act of 2007 (2 comments ↓)
S. 141 would amend the Internal Revenue Code of 1986 to permanently increase the maximum annual contribution allowed to be made to Coverdell education savings accounts, and it would provide for a deduction for contributions to education savings accounts.
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Paul Fuchs, Newcastle Washington
Thank you so much for introducing this common sense bill. Increasing the Covererdale IRA contribution limits to 5,000 is very reasonable considering the high cost of college education.
Joanna Fuchs
The Coverdale allows for a lot of flexibility for college spending. Those who can't save much for college need flexibility. Losing the coverdale and decreasing the contribution limit would be a blow to the nations low income college savers.