28. 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? $0 $8,000 $3,000 $11,000 30.
28. 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? $0 $8,000 $3,000 $11,000 30.
Chapter19: Deferred Compensation
Section: Chapter Questions
Problem 38P
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Question
28.
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?
- $0
- $8,000
- $3,000
- $11,000
30.
Which of the following is true with respect to education incentives?
- The contributions to qualified tuition programs (Section 529 plans) are deductible.
- The contributions to educational savings accounts (Coverdell ESA) are deductible.
- Tuition paid by a taxpayer earning $300,000 of income is deductible.
- Married taxpayers have no income limit to contribute to a qualified tuition program (Section 529 plan).
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