SIE (Securities Industry Essentials) Practice Exam

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To avoid penalties, when must assets in a Coverdell ESA be used by the beneficiary?

21st birthday
25th birthday
30th birthday
35th birthday

The correct answer is: 30th birthday

Assets in a Coverdell ESA must be used by the beneficiary before their 30th birthday. This is to ensure that the funds are used for educational expenses within a reasonable time frame. While the other options may also seem like possible deadlines, they are not in line with the rules and regulations set for Coverdell ESAs. Using the funds after the age of 30 may result in penalties and taxes being applied to the earnings.