Coverdell Education Account Correction

Accounts do NOT Apply to Virginia Homeschoolers

An alert Update reader asked an important question about the Coverdell Education Savings Account. Does it apply to K-12 education expenses for Virginia homeschoolers?

The Coverdell Education Savings Account (ESA), an account allowing you to save tax free for college expenses as well as K-12 education expenses, applies only to homeschools that are considered private schools. Virginia homeschools are not considered private schools.

22.1-254 (A) states the following: Instruction in the home of a child or children by the parent, guardian, or other person having control or charge of such child or children shall not be classified or defined as a private, denominational or parochial school.

Based on this section of the Virginia homeschool statute, the ESA would not apply to homeschool education expenses for Virginia homeschoolers. We apologize for not realizing this before we posted the article last week!

Blog @ June 26, 2008