$2,000 may be contributed for one child per tax year. The due date for your 2009 contribution is April 15, 2010

You may establish an CESA for any child under the age of 18 and contribute a maximum of $2000 per year per child until the student's 18th birthday.

The money must be withdrawn by the time the child turns 30. The earnings are subject to income tax and the 10% penalty. The Coverdell Education Savings Account can also be rolled over without penalty to another member of the family, who is under age 30.

Qualified elementary and secondary education expenses include tuition, fees, tutoring, books, supplies, room, board, uniforms, transportation, extended day programs, computer technology equipment and even internet access. Qualified higher education expenses include tuition, fees, books, equipment, contributions to a qualified state tuition program, and room and board for students enrolled at least half-time. The institution must be an accredited post secondary educational institution.