Investing For Education

You can use New Covenant Funds as a tool to build toward a child's education. A Coverdell Education Savings Account (ESA), which allows you to provide additional support for qualified education expenses including elementary, secondary, and higher education, can be established with a New Covenant Fund account.

Download a Coverdell Education Account Application or contact Shareholder Services at 877-835-4531.

Here are answers to some frequently asked questions about about Coverdell ESAs:

How much can I contribute each year?
You may contribute up to $2000 per child under 18, as long as your adjusted gross income is under $110,000 for a single taxpayer or less than $220,000 for taxpayers filing jointly.

Am I taxed on my withdrawals?
Distributions are generally tax-free if the distributions are used to pay qualified education expenses of the child.

Can I make a deduction for the contributions on my income taxes?
Contributions to the account are not tax-deductible by the contributor.

How do I set up a Coverdell Education Saving Account (ESA)?
To set up a Coverdell ESA, fill out a New Covenant Funds application. Download an application or contact Shareholder Services at 877-835-4531.

Any tax or legal information provided is merely a summary of our understanding and interpretation of some of the currrent income tax regulations and is not exhaustive. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Neither the Fund nor any of its representatives may give legal or tax advice.