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 2014 of $180,000.What is their maximum permitted contribution to a Coverdell Education Savings Account for 2014 assuming no other persons make contributions?

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The maximum contribution allowed for a Coverdell Education Savings Account is $2,000 per year per child, and the contribution limit gradually decreases as the taxpayer’s modified adjusted gross income (MAGI) increases above certain thresholds. For 2014, married taxpayers filing jointly can make the full contribution if their MAGI is less than $190,000, and a partial contribution if it is between $190,000 and $220,000. Since Valerie and Marty’s MAGI is $180,000, they can make the full contribution of $2,000 for their child.

Valerie and Marty Are Both Age 51 and File a Joint