1. In 2020, Amy receives $8,000 (of which $3,000 is earnings) from a qualified tuition program. She uses the funds to pay for tuition and other qualified higher education expenses. What amount is taxable to Amy? a.$3,000 WAS WRONG b.$11,000 c.$0 d $8. 000

1. In 2020, Amy receives $8,000 (of which $3,000 is earnings) from a qualified tuition program. She uses the funds to pay for tuition and other qualified higher education expenses. What amount is taxable to Amy? a.$3,000 WAS WRONG b.$11,000 c.$0 d $8. 000

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter2: Gross Income And Exclusions

Section: Chapter Questions

Problem 26MCQ

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Question

1. In 2020, Amy receives $8,000 (of which
$3,000 is earnings) from a qualified tuition
program. She uses the funds to pay for
tuition and other qualified higher education
expenses. What amount is taxable to Amy?
a.$3,000 WAS WRONG
b.$11,000
c.$0
d.$8,000

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