![]() What is the deadline for contributions You can. Who Must Pay Qualified education expenses must be paid by: You or your spouse if you file a joint return, A student you claim as a dependent on your return, or A third party including relatives or friends. Iman Fund is distributed by Quasar Distributors, LLC. Any distributions of earnings not used for qualified education expenses are subject to taxes and a 10 penalty. Coverdell Education Savings Account (Coverdell ESA) is an account created as an incentive to help parents and students save for education expenses. Qualified education expenses are amounts paid for tuition, fees and other related expenses for an eligible student. Please refer to the prospectus for further details.Īllied Asset Advisors, LLC, an SEC registered investment advisor, is advisor to Iman Fund. While the fund is no-load, management fees and other expenses still apply. The monies in the account must be used by age 30. Please read the prospectus carefully before you invest or send money. Coverdell Education Savings Account permit a maximum annual non-deductible contribution of 2,000 to pay for qualified education expenses. Post-secondary: Qualified higher education expenses include tuition, fees. 313, Qualified Tuition Programs (QTPs) A qualified tuition program (QTP), also referred to as a section 529 plan, is a program established and maintained by a state, or an agency or instrumentality of a state, that allows a contributor either to prepay a beneficiary's qualified higher education expenses at an eligible educational. You may also receive the prospectus or summary prospectus by calling (877) 417-6161. Qualified tuition programs: Contributions to a Coverdell ESA for a beneficiary are. The prospectus contains more complete information, including risks, fees, and expenses related to an ongoing investment in the Fund. Join over 100,000 subscribers who receive investing and wealth-building news and education in their inbox. Contributions, 2,000 limit per year per plan, 500,000 to 235,000 per beneficiary (varies by state) Distributions, qualified K-12 and post-secondary expenses. Coverdell Education Savings Account Qualified Expenses. The Fund is not available for sale to investors residing outside the United States. A CESA can be used to fund qualified education expenses recognized by the Department of Education through an accredited institution. Past performance is not indicative of future results.ĭiversification does not assure a profit or protect against a loss in a declining market. It is possible that the Islamic Shari’ah restrictions placed on investments and reflected in the main investment strategies may result in the Fund not performing as well as mutual funds not subject to such restrictions. The Fund invests in foreign securities, which involve greater volatility and political, economic, and currency risks and differences in accounting methods.
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