Business, 28.02.2020 19:16 maustin5323

A distribution of $15,000 is taken from a Coverdell Education Savings Account in a given year, but only $13,000 is used for the beneficiary's qualified education expenses in that year. The tax consequence is:.
A. $2,000 is taxable
B. $2,000 is taxable and a 10% penalty will be imposed
C. $15,000 is taxable
D. $15,000 is taxable and a 10% penalty will be imposed

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A distribution of $15,000 is taken from a Coverdell Education Savings Account in a given year, but o...

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