Gary and Patricia are divorced and have three children, ages 9, 6, and 2. Patricia has custody

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Gary and Patricia are divorced and have three children, ages 9, 6, and 2. Patricia has custody of the children and is entitled to the dependency exemption for each child. Their adjusted gross incomes are $48,000 and $61,000, respectively. During the current year, Gary contributes $1,500 to each child’s Coverdell Education Savings Account. What is the maximum amount that Patricia can contribute to her children’s education savings account?

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Concepts In Federal Taxation

ISBN: 9780324379556

19th Edition

Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher

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