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Jack & Jill are married. They have three children ages 3, 7, and 8. Their adjusted gross income for the year is $95,000. What is

Jack & Jill are married. They have three children ages 3, 7, and 8. Their adjusted gross income for the year is $95,000. What is the maximum amount they can contribute to their children's Coverdell Education Savings Accounts?

Answer: (show work & briefly discuss reasoning/rule: 1-2 sentences is fine for each rule/item used in determining your answer, etc.

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