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 higher education expenses.
C) Contributions to a qualified tuition program are distributed tax- free.
D) A qualified tuition program may be established by parents or grandparents.
Correct Answer:
Verified
Q707: All of the following items are excluded
Q708: Elisa sued her former employer for discrimination.
Q709: Sarah receives a $15,000 scholarship from City
Q710: Derrick was in an automobile accident while
Q711: Which one of the following fringe benefits
Q713: John is injured and receives $16,000 of
Q714: Sharisma suffered a serious stroke and was
Q715: Hope receives an $18,500 scholarship from State
Q716: Nelda suffered a serious stroke and was
Q717: Bret carries a $200,000 insurance policy on
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