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.
The money invested in a Coverdell IRA does not count against the maximum you may invest in your other IRAs. A Coverdell IRA is not a retirement arrangement, but is a trust or custodial account created only for the purpose of paying qualified education expenses. Earnings withdrawn from a Coverdell IRA for qualified expenses are totally exempt from federal income tax and from income taxes in most states as well.