Who can contribute to an ESA?
Almost anyone can contribute to an ESA.
- Individuals of any age
- Individuals without earned income
- Individuals with modified adjusted gross income (MAGI) within the applicable limits for their tax filing status
There are two key limitations.
- Each child can receive up to the maximum contribution amount allowed per year ($2,000 per year) from all sources. It does not matter if this is done in a single account or in multiple accounts designed to benefit the same child.
- Contributors may be limited in how much they contribute if their MAGI exceeds $95,000 (for single filers) or $190,000 (for married tax filers). Above these income levels, the ability to contribute is phased out. An individual may not make an ESA contribution if her MAGI exceeds $110,000 for single tax filers or $220,000 for married tax filers.