Archives

• DEFERRED ANNUITY

  Allows for the accumulation of money over time on a tax-deferred basis, with a choice of payout options.

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• DEDUCTION

  An amount that can be subtracted from gross income, from a gross estate or from a gift, thereby lowering the amount on which tax is assessed.

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• COVERDELL EDUCATION SAVINGS ACCOUNT (ESA)

  Investment vehicle designed to help parents or others fund a child’s education. Contributions aren’t tax deductible, but distributions for qualified educational expenses aren’t taxable. Generally, transferable among family members. Several restrictions: Entire account must be disbursed by the beneficiary’s 30th birthday; withdrawals after this date or for expenses that are not qualified education expenses are subject to federal income taxes and a tax penalty.

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