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During the current year, Uma made a $36,000 contribution to a 529 plan to help cover the cost of an undergraduate degree for Delia, her
During the current year, Uma made a $36,000 contribution to a 529 plan to help cover the cost of an undergraduate degree for Delia, her 15-year-old daughter. Assume that in the year Delia enrolls as a freshman at State University, the balance in the 529 plan has grown to $45,000. If Delia receives an $11,000 distribution to pay for her tuition, she may exclude from her gross income:
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