George receives a $1,500 distribution from his educational savings account. He uses $1,200 to pay for qualified
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George receives a $1,500 distribution from his educational savings account. He uses $1,200 to pay for qualified higher education expenses. Immediately prior to the distribution, George’s account balance is $5,000, $3,000 of which is his contributions. What is George’s tax-free return of capital from the distribution?
a. $1,500
b. $1,200
c. $900
d. $750
e. $600
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Related Book For
Income Tax Fundamentals 2017
ISBN: 9781305872738
35th Edition
Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller
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