Coverdell Education Account Correction
Posted on Jun 26 2008 in General by
Accounts do NOT Apply to Virginia Homeschoolers
An alert Update reader asked an important question about the Coverdell Education Savings Account. Does it apply to K-12 education expenses for Virginia homeschoolers?
The Coverdell Education Savings Account (ESA), an account allowing you to save tax free for college expenses as well as K-12 education expenses, applies only to homeschools that are considered private schools. Virginia homeschools are not considered private schools.
22.1-254 (A) states the following: Instruction in the home of a child or children by the parent, guardian, or other person having control or charge of such child or children shall not be classified or defined as a private, denominational or parochial school.
Based on this section of the Virginia homeschool statute, the ESA would not apply to homeschool education expenses for Virginia homeschoolers. We apologize for not realizing this before we posted the article last week!
Junior ISA said on August 22, 2011
have been looking at the difference between the Coverdell Education Savings plans and the Junior ISA in the UK. The JNR ISA can be used for anything once the child reaches 18 not just education.
Yvonne Bunn, HEAV Director of Legislative Affairs said on September 2, 2011
The Coverdell Education Savings plan can be used for college expenses for Virginia homeschoolers. I’m not familiar with programs in the UK.