Question
Which one of the following statements concerning an education IRA (Coverdell Education Savings Account) is not correct? Group of answer choices Contributions to an education
Which one of the following statements concerning an education IRA (Coverdell Education Savings Account) is not correct?
Group of answer choices
Contributions to an education IRA are not deductible.
A taxpayer may contribute up to $2,000 in 2021 to an education IRA to pay the costs of the designated beneficiary's higher education.
Eligibility for an education IRA is phased out if adjusted gross income exceeds certain threshold levels.
Contributions can be made to an education IRA on behalf of a beneficiary until the beneficiary reaches age twentyone.
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Intermediate accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
7th edition
978-0077614041, 9780077446475, 77614046, 007744647X, 77647092, 978-0077647094
