Formerly known as the education IRA, Coverall Education Savings Account (ESA) is a US tax-deferred trust account used to fund educational expenses for one or more beneficiaries 18 years old or younger. The maximum contribution per year for any single beneficiary is $2,000. When the contributions are distributed, they are tax-free assuming that they are less than the account holder's annual adjusted qualified education expenses. The accounts in some cases can also be put towards tuition expenses for elementary schools. Coverdell ESA’s are only available to families that fall under a designated income level. All funds must be used before the beneficiary reaches age 30 to remain tax-deferred.