Which of the following is not correct regarding a Coverdell ESA? A. Account earnings are income tax-free

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Which of the following is not correct regarding a Coverdell ESA?

A. Account earnings are income tax-free if the funds are used for qualified education expenses.

B. Contributions are considered to be a gift of a future interest.

C. A beneficiary may have multiple ESA accounts.

D. The funds must be distributed by the time the beneficiary reaches age 30 or rolled over to a new beneficiary.

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Essentials Of Personal Financial Planning

ISBN: 9781945498237

1st Edition

Authors: Susan M. Tillery, Thomas N. Tillery

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Question Posted: Apr 08, 2024 02:01 AM

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Which of the following is not correct regarding a Coverdell ESA? A. Account earnings are income tax-free

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B Contributions are considered to be a gift of a future interest Explanation Sure heres ...View the full answer

Essentials Of Personal Financial Planning

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