Which of the following statements regarding a Qualified Tuition Program (Section 529 plan) is true? a.Contributions to the plan are deductible for AGI. b. Distributions from a Qualified Tuition Program are not allowed for room and board expenses. c. Earnings on the plan assets are not taxable if the money distributed from the plan is used for qualified education expenses. d. A resident of California may not contribute to a Qualified Tuition Program in another state.

Which of the following statements regarding a Qualified Tuition Program (Section 529 plan) is true? a.Contributions to the plan are deductible for AGI. b. Distributions from a Qualified Tuition Program are not allowed for room and board expenses. c. Earnings on the plan assets are not taxable if the money distributed from the plan is used for qualified education expenses. d. A resident of California may not contribute to a Qualified Tuition Program in another state.

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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