Tax Changes: Lifelong Learning Accounts for Job Training and Skill Development.
This law renames Coverdell Education Savings Accounts to Coverdell Lifelong Learning Accounts, significantly expanding how these funds can be used. Citizens can now use the money for job training, career services, and skill development programs, not just traditional schooling. The changes allow contributions and use of the accounts until age 70, providing new tax deductions for individuals and credits for employers who contribute.
Key points
Education savings accounts are renamed Lifelong Learning Accounts, allowing funds to be used for a wider range of job training and skill development expenses after age 16.
The age limit for contributions is raised from 18 to 70, supporting continuous learning and career changes later in life.
Individuals over 18 can deduct their contributions to the account, and employers receive a 25% tax credit for contributions made on behalf of employees.
Contribution limits are increased for beneficiaries over age 30 ($4,000 annually), but a $10,000 total balance limit is introduced for this age group.
Status:
Introduced
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