Which of the following statements regarding qualified tuition programs is incorrect?
A) Distributions from income earned by a qualified tuition program are tax-free if used for qualified higher education expenses.
B) Distributions of income are taxed to the donor if the proceeds are not used for qualified education expenses.
C) Income earned by a qualified tuition program is tax-free if the distribution is used to pay for $10,000 of tuition at private elementary or high schools.
D) Contributions to a qualified tuition program are distributed tax-free.
Correct Answer:
Verified
Q38: Matt's employer provides $4,000 of assistance for
Q39: Meals may be excluded from an employee's
Q40: Nondiscrimination requirements do not apply to working
Q41: Mae Li is beneficiary of a $70,000
Q42: David has been diagnosed with cancer and
Q44: Cameron is the owner and beneficiary of
Q45: Which of the following is not excluded
Q46: Greg is the owner and beneficiary of
Q47: Britney is beneficiary of a $150,000 insurance
Q48: Amanda,who lost her modeling job,sued her employer
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