a contribution to a qualified tuition plan (a code 529 plan)is treated as a gift of a:
a contribution to a qualified tuition plan (a code 529 plan)is treated as a gift of...
Is a contribution to a qualified tuition plan (a code section 529 plan) is treated as a gift is a present interest
Is a contribution to a qualified tuition plan (a code section 529 plan) is treated as a gift is a present interest
Holly entered into a 529 qualified tuition program for the benefit of her daughter, Rebecca. Holly contributed $15,000 to the fund. The fund balance had accumulated to $25,000 by the time Rebecca was ready to enter college. However, Rebecca received a scholarship that paid for her tuiton, fees, books, supplies, and room and board. So Holly withdrew the funds from the 529 plan and bought Rebecca a new car. A. What are the tax consequences to Holly for withdrawing the...
2. Martha participated in a Section 529 qualified tuition program for the benefit of her son. She invested $6,000 in the fund. Four years later her son withdrew $8,000, the entire balance in the program, to pay his college tuition. a. Martha is not required to include the $2,000 ($8,000-$6,000) in her gross income when the funds are used to pay the tuition. b. Martha's son must include the $2,000 ($8,000-$6,000) in his gross income when the funds are used...
help!!! please.
Carlo makes a $40,000 contribution for his daughter to a $529 plan. Which of the following is true? 1. Carlo can split the gift with his spouse to enjoy both their annual exclusions 2. Carlo can elect 5-year averaging 3. Carlo can account for the gift ratably over a 5-year period 4. Carlo can coordinate this plan with other educational plans 2 and 3 1 and 3 4 only all of the above
QUESTION 16 plan at work, A 529 plan is: A defined contribution retirement plan offered by not-for-profit institutions A type of retirement plan that individuals can make use of, regardless of whether they are covered by The savings account component in a Health Savings Account An account that allows you to purchase life insurance with before tax dollars. A tax-sheltered savings accounŅor higher education expenses.
For gift tax purposes, a contributor can elect to treat a contribution of up to $70,000 to a 529 plan as having been made over how many years?
During the year, G withdrew $12,000 from a 529 plan for his daughter. He used the most of the money to pay for the following costs associated with her first year of college: tuition $10,000, fees $1,000, apartment rental $3,000, computer $1,600, books $400, appliances and furniture $505, and bedding $200. How will the $18,000 be treated?
CHAPTER 5 Gross Income: Ex 17. LO.2 Andrea entered into a $ 529 qualified tuition program for the benefit of her daughter, Joanna. Andrea contributed $15,000 to the fund. The fund balance had accumulated to $25,000 by the time Joanna was ready to enter college. How- ever, Joanna received a scholarship that paid for her tuition, fees, books, supplies, and room and board. Therefore, Andrea withdrew the funds from the § 529 plan and bought Joanna a new car a....
Are income distributions from a qualified state tuition program taxable? O A. Income distributions from a qualified state tuition program are always fully taxable to a taxpayer. B. Income distributions from a qualified state tuition program are taxable only to the extent the income distributions exceed qualified education expenses. C. Income distributions from a qualified state tuition program are never taxable to a taxpayer. D. Income distributions from a qualified state tuition program are taxable when income distributions exceed 90%...