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All of the following statements regarding Coverdell ESAs are true EXCEPT: The earnings on contributions grow tax-free. A distribution may be used to pay tuition

All of the following statements regarding Coverdell ESAs are true EXCEPT:

The earnings on contributions grow tax-free.

A distribution may be used to pay tuition for a student attending a private elementary school.

Contributions can be made as long as the beneficiary is under the age of 18 or a special needs beneficiary.

Contributions are limited to $2,500 per beneficiary each year.

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