Which of the following statements regarding a Coverdell Education Savings Account (CESA) is correct? Multiple Choice For single taxpayers, permitted contributions begin to be phased out when AGI reaches $90,000. An individual can be the beneficiary of multiple CESAs. A contributor cannot make a contribution for himself/herself. Annual contributions are limited to $2,000 per beneficiary, per contributor.
Which of the following statements regarding a Coverdell Education Savings Account (CESA) is correct? Multiple Choice For single taxpayers, permitted contributions begin to be phased out when AGI reaches $90,000. An individual can be the beneficiary of multiple CESAs. A contributor cannot make a contribution for himself/herself. Annual contributions are limited to $2,000 per beneficiary, per contributor.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Which of the following statements regarding a Coverdell Education Savings Account (CESA) is correct?
Multiple Choice
-
For single taxpayers, permitted contributions begin to be phased out when AGI reaches $90,000.
-
An individual can be the beneficiary of multiple CESAs.
-
A contributor cannot make a contribution for himself/herself.
-
Annual contributions are limited to $2,000 per beneficiary, per contributor.
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