ZuoTi.Pro
Question

You are a winter intern for Herad's CPA's, LLC and have been given the following research...

You are a winter intern for Herad's CPA's, LLC and have been given the following research assignment by the tax partner, Mark Herad. The client is Lance and Lexi Berns. They have been funding an Ed IRA (also called a  Coverdell Education Savings Account ) for their son, Matt, for several years. Matt has been offered an academic scholarship at a small, private college in Michigan. The scholarship covers Matt's tuition and fees only; it does not cover books, meals, housing or other incidentals. Matt will not be able to commute to school, but the college does not have any campus-sponsored housing.

What expenses will the Berns's be able to use the Ed IRA for?

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Answer:

Ed IRA saving account used for child age below 18 years and can be withdraw once child cross age of 30 year. This account mainly used to save tax and use such fund for child education. Withdrawal from Ed IRA can be done for qualified education expenses. Following are the list of qualified education expenses:- 1. Tuition, fees, academic tutoring, special needs services in the case of a special needs beneficiary, books, supplies, and other equipment which are incurred in connection with the enrollment or attendance of the designated beneficia 2.Any computer technology or equipment or Internet access and related services, if such technology, equipment, or services are to e used in school 3. Room and board, uniforms, transportation, and supplementary item and services.

0 0
Add a comment
Know the answer?
Add Answer to:
You are a winter intern for Herad's CPA's, LLC and have been given the following research...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • You are a winter intern for Herad's CPA's, LLC and have been given the following research...

    You are a winter intern for Herad's CPA's, LLC and have been given the following research assignment by the tax partner, Mark Herad. The client is Max and Lexi Berns. They have been funding an Ed IRA (also called a  Coverdell Education Savings Account ) for their son, Matt, for several years. Matt has been offered an academic scholarship at a small, private college in Michigan. The scholarship covers Matt's tuition and fees only; it does not cover books, meals, housing...

  • You are a summer intern for Local CPA's, LLC and have been given the following research...

    You are a summer intern for Local CPA's, LLC and have been given the following research assignment by the tax partner, John Local. The client is Joe and Beth Parent. They have been funding an Ed IRA (also called a  Coverdell Education Savings Account ) for their son, Eric, for several years. Eric has been offered an academic scholarship at a small, private college in Michigan. The scholarship covers Eric's tuition and fees only; it does not cover books, meals, housing...

  • You are a summer intern for Local CPA's, LLC and have been given the following research...

    You are a summer intern for Local CPA's, LLC and have been given the following research assignment by the tax partner, John Local. The client is Joe and Beth Parent. They have been funding an Ed IRA (also called a  Coverdell Education Savings Account ) for their son, Eric, for several years. Eric has been offered an academic scholarship at a small, private college in Michigan. The scholarship covers Eric's tuition and fees only; it does not cover books, meals, housing...

  • You are a summer intern for Local CPA's, LLC and have been given the following research...

    You are a summer intern for Local CPA's, LLC and have been given the following research assignment by the tax partner, John Local. The client is Joe and Beth Parent. They have been funding an Ed IRA (also called a  Coverdell Education Savings Account ) for their son, Eric, for several years. Eric has been offered an academic scholarship at a small, private college in Michigan. The scholarship covers Eric's tuition and fees only; it does not cover books, meals, housing...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT