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 Multiple Choice Qualified expenses for room and board can be withdrawn from a QTP and qualified expenses for tuition can be used to claim an American Opportunity Credit.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 Multiple Choice Qualified expenses for room and board can be withdrawn from a QTP and qualified expenses for tuition can be used to claim an American Opportunity Credit.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.

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter5: Deductions For And From Agi

Section: Chapter Questions

Problem 1MCQ

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