With respect to a Qualified Tuition Plan, which of the following statements is incorrect? Multiple Choice Qualified expenses for room and board can be withdrawn from a QTP and qualified expenses for tuition can be used to claim an American Opportunity Credit. Similar to an IRA, contributions to a QTP are deductible on a federal tax return. A QTP can be rolled over to a QTP of another family member. Room and board is a qualified expense if the beneficiary is attending at least half-time.
With respect to a Qualified Tuition Plan, which of the following statements is incorrect? Multiple Choice Qualified expenses for room and board can be withdrawn from a QTP and qualified expenses for tuition can be used to claim an American Opportunity Credit. Similar to an IRA, contributions to a QTP are deductible on a federal tax return. A QTP can be rolled over to a QTP of another family member. Room and board is a qualified expense if the beneficiary is attending at least half-time.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
With respect to a Qualified Tuition Plan, which of the following statements is incorrect?
Multiple Choice
-
Qualified expenses for room and board can be withdrawn from a QTP and qualified expenses for tuition can be used to claim an American Opportunity Credit.
-
Similar to an IRA, contributions to a QTP are deductible on a federal tax return.
-
A QTP can be rolled over to a QTP of another family member.
-
Room and board is a qualified expense if the beneficiary is attending at least half-time.
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