Which of the following is not correct regarding a Coverdell ESA? A. Account earnings are income tax-free
Question:
Which of the following is not correct regarding a Coverdell ESA?
A. Account earnings are income tax-free if the funds are used for qualified education expenses.
B. Contributions are considered to be a gift of a future interest.
C. A beneficiary may have multiple ESA accounts.
D. The funds must be distributed by the time the beneficiary reaches age 30 or rolled over to a new beneficiary.
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B Contributions are considered to be a gift of a future interest Explanation Sure heres ...View the full answer
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Related Book For 
Essentials Of Personal Financial Planning
ISBN: 9781945498237
1st Edition
Authors: Susan M. Tillery, Thomas N. Tillery
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