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Levels Tought:
Elementary,Middle School,High School,College,University,PHD
| Teaching Since: | May 2017 |
| Last Sign in: | 398 Weeks Ago, 4 Days Ago |
| Questions Answered: | 66690 |
| Tutorials Posted: | 66688 |
MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
DURING 2017, ANGELA TUITION EXPENSES WERE 4000. OF THIS AMOUNT 1000 WAS PAID FROM ESA SET UP BY PARENTS. THE PARENTS KNOW WANT TO CLAIM OPPORTUNITY CREDIT. WHICH STATEMENT IS CORRECT
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EDUCATION CREDITS CANNOT BE CLAIMED IN YEAR IN WHICH THERE HAS BEEN A TAX FREE DISTRIBUTION FROM A COVERDELL FOR THAT STUDENT
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IF PARENTS WANT TO TAKE THE LEARNING CREDIT THEY MUST WAIVE TAX FREE TREATMENT FOR THE COVERDELL ESA DISTRIBUTION USED TO FIGURE THE CREDIT
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IN ORDER TO MAINTAIN THE TAX FREE TREATMENT THE 4000 MUST BE REDUCED BY THE 1000 COVERDELL ESA DISTRIBUTION
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THE COVERDELL ESA AND EDUCATION CREDITS ARE SEPARATE PROGRAMS, NO ADJUSTMENTS NEED TO BE MADE TO THE TAX FREE COVERDELL DISTRIBUTION OR QUALIFIED EDUCATION EXPENSES AMT
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