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$11,00030.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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Answered: 28. In 2020, Amy receives $8,000 (of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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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