Coverdell Education Savings Accounts Act of 2001 - Amends the Internal Revenue Code, with respect to education individual retirement accounts (IRAs), to: (1) permit distributions for qualified elementary and secondary education expenses; (2) increase annual contribution limits from $500 to $2,000, with annual inflation adjustments as of tax year 2003; (3) waive the beneficiary age limitation (18) for contributions on behalf of special needs beneficiaries; (4) permit corporations to contribute to education IRAs; (5) permit annual contributions to be made until the filing date (not including extensions) for a tax year; (6) extend the time for return of excess contributions; and (7) provide for coordination with Hope and lifetime learning credit and qualified tuition program provisions.
Renames such educational IRAs as Coverdell education savings accounts.
Excludes from gross income: (1) employer contributions to such accounts on behalf of an employee or employee family member; and (2) account distributions.
Actions
Feb 13, 2001
Read twice and referred to the Committee on Finance.