Question
John is planning on attending Texas A&M in the fall of 2017 and spring of 2018. He has received scholarships for the year totaling $5,000
John is planning on attending Texas A&M in the fall of 2017 and spring of 2018. He has received scholarships for the year totaling $5,000 and the cost of attending Texas A&M is approximately $22,470 per year. Luckily for John, his parents have been contributing to a Coverdell ESA for most of his life. In 2017-2018, John may make a tax-free distribution from his Coverdell ESA of up to what amount?
| A.$22,470 | ||
| B.$25,550 | ||
| C.$17,470 | ||
| D.Amount is unlimited as long as it is used for qualified education expenses |
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
