Valerie and Marty are both age 51 and file a joint return.They have one child who is age 17.They have combined AGI in 2017 of $180,000.What is their maximum permitted contribution to a Coverdell Education Savings Account for 2017 assuming no other persons make contributions?

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The maximum contribution to a Coverdell ESA is $2,000 per year per child. Since they only have one child, their maximum permitted contribution would be $2,000. However, their AGI exceeds the phase-out limit for Coverdell contributions, which begins at $190,000 for joint filers in 2017. Therefore, they are not eligible to make any contribution to a Coverdell ESA for 2017.

Valerie and Marty Are Both Age 51 and File a Joint