Alex and Alicia Are Married and Have Two Children Ages

question 138

Multiple Choice

Alex and Alicia are married and have two children ages 5 and 9. Their adjusted gross income for the year is $86,000. During the year they establish a Coverdell Education Savings Account (CESA) for each child.
I.They can contribute $2,000 to each child's CESA.
II.They can deduct the CESA contributions for their adjusted gross income.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

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