Which of the following statements about a Coverdell ESA is not correct?
A) Taxpayers may be phased out from contributing to a Coverdell ESA because of their level of modified adjusted gross income
B) Assets in a Coverdell ESA accumulate on a tax-deferred basis and earnings are tax-free is used for qualified educational purposes
C) Coverdell assets can be used for elementary, secondary and higher education
D) Every contributor can make an annual $2,000 contribution to a Coverdell for the same beneficiary
Correct Answer:
Verified
Q31: The following steps may be taken to
Q32: Coverdell ESAs combine the following features:
I.
Q33: All of the following can be designated
Q34: Persons unable to repay student loans can
Q35: Compounding works best if you invest
A) Over
Q36: For UGMA/UTMA accounts, all of the following
Q37: To qualify for Education Bond Program one
Q38: Major drawbacks of Section 529 plans are:
Q40: All of these are true for education
Q41: The following debt cutting tools are available
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