MISTY WITHDRAWS 1000 FROM HER COVERDELL EDUCATION SAVINGS ACCOUNT FOR NONQUALIFIED EDUCATION EXPENSES. THE ACCOUNT VALUE...
MISTY WITHDRAWS 1000 FROM HER COVERDELL EDUCATION SAVINGS ACCOUNT FOR NONQUALIFIED EDUCATION EXPENSES. THE ACCOUNT VALUE BEFORE THE DISTRIBUTION WAS 5000. IN ADDITION SHE MADE 4 CONTRIBUTIONS OF 500 IN PRIOR YEARS. WHAT PORTION OF 1000 IS INCOME(INCLUDIBLE IN GROSS INCOME?
100
400
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900
Homework Answers
She has to pay penalty of 10% if she withdraw for non qualified education expenses. Bence if $1000 is withdraw.
10% of $1000 = $100 as penalty and remaining shall be added in her gross income
= $900
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MISTY WITHDRAWS 1000 FROM HER COVERDELL EDUCATION SAVINGS
ACCOUNT FOR NONQUALIFIED EDUCATION EXPENSES. THE ACCOUNT VALUE...
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