A 529 account is better than a Coverdell ESA.
Coverdell ESAs (a type of education savings account) were previously comparatively attractive for K–12 costs and had more investment options, but they have strict parental income limits (no contribution allowed over $110,000 MAGI single filer and $220,000 filing jointly) and only $2,000 per student per year contribution maximum. Funds must be used by age 30. They are not tax deductible accounts, but earnings growth is tax deferred for qualified educational expenses.
529 plans have always had no owner income cap, high contribution limits, and no age restrictions on when the funds must be used. Now with broader K-12 qualified expense and life-long education options, they overall outweigh the benefits of Coverdell accounts.
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