For married taxpayers filing a joint return in 2019, at what AGI level does the phase-out limit for contributions to Qualified Tuition Programs (Section 529 plans) start? a.$225,750 b.$150,500 c.$400,000 d.$188,150 e.There is no phase-out limit on Qualified Tuition Program contributions.
For married taxpayers filing a joint return in 2019, at what AGI level does the phase-out limit for contributions to Qualified Tuition Programs (Section 529 plans) start? a.$225,750 b.$150,500 c.$400,000 d.$188,150 e.There is no phase-out limit on Qualified Tuition Program contributions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
For married taxpayers filing a joint return in 2019, at what AGI level does the phase-out limit for contributions to Qualified Tuition Programs (Section 529 plans) start?
a.$225,750
b.$150,500
c.$400,000
d.$188,150
e.There is no phase-out limit on Qualified Tuition Program contributions.
Expert Solution
Step 1
Phase-out limit: It is a term that sets out the maximum level of income for the taxpayers up to which they can earn tax credits. Once the income exceeds the maximum limit the taxpayers may not be eligible to claim the tax credit.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education