Question

In 2014, Joyce receives a $4,000 distribution from her Coverdell Education Savings Account (CESA), which has a fair market value of $10,000. Total contributions to her CESA have been $7,000. Joyce's AGI is $25,000.
a. Joyce uses the entire $4,000 to pay for qualified education expenses. What amount should she include in her gross income?
b. Assume instead that Joyce uses only $2,500 of the $4,000 distribution for qualified education expenses. What amount should she include in her gross income?


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  • CreatedMay 25, 2015
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