Education Expenses

Coverdell Education Savings Account (ESA)
A Coverdell Education Savings Account (ESA) is a type of Individual Retirement Account (IRA) designed to help parents save for their child's education expenses. These accounts allow for tax-free growth and withdrawals for qualified education expenses.
Qualified Transfer
A qualified transfer refers to any amount paid for an individual's education or medical care that is not considered a taxable gift for gift tax purposes.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.