Which of the Following Is Accurate Concerning 529 College Savings

question 126

Multiple Choice

Which of the following is accurate concerning 529 college savings plans?

• A) Contributions are tax deductible for both state and federal income taxes.
• B) Earnings are tax-free when used for qualifying educational expenses.
• C) They have no impact on qualifying for financial aid.
• D) There is no limit on how much can be contributed.
• E) All of the above.

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Definitions:

Cost Of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including the cost of the materials and labor directly used to create the good.

Trend Statements

Rephrased: Financial reports highlighting the development and direction of financial indicators over several periods, facilitating the identification of patterns and trends.

Financial Statement Line Item

A financial statement line item refers to any single entry that appears in the financial statements, representing financial numbers or details.

Trend Statements

Financial reports or analyses that track the progress, direction, or movements of specific metrics or indicators over periods.