[Coverdell Savings Account withdrawals - student- or parent-provided support?]

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ArmyFamMed
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Joined: Mon Dec 24, 2018 10:42 pm

[Coverdell Savings Account withdrawals - student- or parent-provided support?]

Post by ArmyFamMed »

[Moved into a new thread from: Stimulus and College Student children - don't claim them as dependant? --admin LadyGeek]

Thanks for the very useful information in this thread.

Is anyone aware of whether Coverdell Savings Account withdrawals to pay for college tuition, room, and board count as student-provided support vs. parent-provided support when trying to determine whether the student meets the financial support criteria to be a dependent (Student cannot be claimed as a dependent if they provide more than 1/2 of their own support).

In our circumstance, it would be beneficial if the Coverdell withdrawals counted as student-provided support since those withdrawals make up well over 50% of the money our child is living on, and would allow her to qualify for the COVID stimulus money.
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