Charlemagne (c.742-814), also known as Karl and Charles the Great, was a medieval emperor who ruled much of Western Europe from 768 to 814. In 771, Charlemagne became king of the Franks, a Germanic tribe in present-day Belgium, France, Luxembourg, the Netherlands and western Germany. He embarked on a mission to unite all Germanic peoples into one kingdom, and convert his subjects to Christianity.
Subject to the income limitation described below, anyone can contribute to a Coverdell account for a particular child. Parents, grandparents, aunts and uncles â even a friend of the family can set one up. The child can even contribute to his or her own Coverdell account.
At one time, a penalty would apply if there were contributions to a 529 plan and a Coverdell account for the same beneficiary in the same year. That restriction disappeared in 2002. As a result, you don't have to give up the Coverdell account if you're saving more than $2,000.or 2003 you were eligible to contribute $2,000 to the Coverdell account but you contributed only $1,500. You contributed $500 less than the maximum, so you're treated as if you withdrew the $500 excess from the previous year.