Which of the following statements regarding Coverdell Education Savings Accounts is incorrect,disregarding any AGI limits?
A) Distributions cannot be used for elementary and secondary education expenses.
B) Distributions to the beneficiary are not taxable as long as they are used for tuition,fees,room and board.
C) Contributions can be made until the beneficiary reaches 18.
D) Contributors can make nondeductible contributions of up to $2,000 for each beneficiary.
Correct Answer:
Verified
Q92: Tyne is a 48-year-old an unmarried taxpayer
Q93: Jackson Corporation granted an incentive stock option
Q94: Frank is a self-employed CPA whose 2019
Q95: Tyler (age 50)and Connie (age 48)are a
Q96: Hannah is a 52-year-old an unmarried taxpayer
Q98: Tucker (age 52)and Elizabeth (age 48)are a
Q99: Which of the following statements is incorrect
Q100: Feng,a single 40-year-old lawyer,is covered by a
Q101: Which of the following conditions would generally
Q102: A sole proprietor has met the requirements
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents