Coverdell Education Savings Account Tax Benefits in St. Louis, MO 2026
Calculate your coverdell education savings account tax benefits tax savings in St. Louis, Missouri. With Missouri's 4.8% state tax rate, your combined savings are higher.
Missouri Tax Context
St. Louis earnings tax of 1%; independent city; high combined sales tax
Coverdell Education Savings Account Tax Benefits Savings Calculator for St. Louis
Federal Savings
$440
22% bracket
Missouri State
$96
4.8% rate
Local Tax
$20
1% rate
Total Savings
$556
27.8% combined
At a 27.8% combined tax rate in St. Louis, every $1,000 in deductions saves you $278 in taxes.
Savings by Tax Bracket in St. Louis
Includes 4.8% Missouri state tax + 1% local tax on top of federal savings.
Eligibility Requirements
Parents or guardians contributing for beneficiaries under age 18
- 1Maximum $2,000 per beneficiary per year
- 2MAGI phase-out: $95K-$110K single, $190K-$220K joint
- 3Can be used for K-12 and higher education expenses
Missouri residents should verify that this deduction is also recognized on their state tax return for additional savings of up to 4.8%.
Common Mistakes to Avoid
- !Exceeding per-beneficiary contribution limits across all contributors
- !Not using funds before beneficiary turns 30
- !Overlooking K-12 expense eligibility
- !Forgetting to claim the deduction on your Missouri state return (missing 4.8% additional savings)
- !Not checking if St. Louis's local income tax allows this deduction (1% potential additional savings)
Required Tax Forms
File these forms with your federal tax return to claim the coverdell education savings account tax benefits. Missouri may require additional state-specific forms.
Other Tax Deductions in St. Louis, MO
Student Loan Interest Deduction
Education
American Opportunity Tax Credit
Education
Lifetime Learning Credit
Education
529 Plan Contributions
Education
Coverdell Education Savings Account
Education
Educator Expense Deduction
Education
Employer-Required Education
Education
Education Savings Bond Interest
Education
Coverdell Education Savings Account Tax Benefits in Other Missouri Cities
Kansas City, MO
4.8% state + 1% local
Springfield, MO
4.8% state tax
Columbia, MO
4.8% state tax
Independence, MO
4.8% state tax
Lee's Summit, MO
4.8% state tax
Lee's Summit, MO
4.95% state + 1.35% local
OFallon, MO
4.95% state + 1.24% local
St. Joseph, MO
4.95% state + 1.35% local
Calculate Your Full Tax Savings in St. Louis
Use our free tax calculators to optimize your entire tax return for Missouri.
Frequently Asked Questions
How much can I save with the Coverdell Education Savings Account Tax Benefits in St. Louis, MO?
In St. Louis, Missouri, the coverdell education savings account tax benefits can save you an estimated $556 per year. This includes $440 in federal tax savings and $96 in Missouri state tax savings plus $20 in local tax savings. The national average savings is $400/year.
What is the Missouri state income tax rate for St. Louis residents?
Missouri has a 4.8% state income tax rate. St. Louis residents also pay a 1% local income tax, bringing the combined state/local rate to 5.8%. St. Louis earnings tax of 1%; independent city; high combined sales tax
Who qualifies for the Coverdell Education Savings Account Tax Benefits in St. Louis?
Parents or guardians contributing for beneficiaries under age 18. The eligibility requirements are the same whether you live in St. Louis or elsewhere in the U.S., as this is a federal tax deduction. However, your savings amount will vary based on Missouri's 4.8% state tax rate.
What tax forms do I need to claim the Coverdell Education Savings Account Tax Benefits in Missouri?
To claim the coverdell education savings account tax benefits, you need to file Form 5498-ESA and Form 1099-Q with your federal return. Missouri residents should also check if the state allows this deduction on their state return, which could provide an additional 4.8% savings. Filing status affects your deduction limits and tax bracket.
Is the Coverdell Education Savings Account Tax Benefits better in St. Louis than in states without income tax?
Yes, St. Louis residents benefit more because Missouri's 4.8% state income tax means the deduction reduces both your federal AND state tax liability. In states with no income tax (like Texas, Florida, or Nevada), this deduction only reduces federal taxes. Your combined rate of 27.8% means more savings per dollar deducted.
Related Calculators
Student Loan Interest Deduction in St. Louis
Avg savings: $550/year
American Opportunity Tax Credit in St. Louis
Avg savings: $2,200/year
Lifetime Learning Credit in St. Louis
Avg savings: $1,500/year
529 Plan Contributions in St. Louis
Avg savings: $1,000/year
Coverdell Education Savings Account in St. Louis
Avg savings: $300/year
Educator Expense Deduction in St. Louis
Avg savings: $66/year