Valerie and Marty Are Both Age 51 and File a Joint

question 23

Multiple Choice

Valerie and Marty are both age 51 and file a joint return.They have one child who is age 17.They have combined AGI in 2016 of $180,000.What is their maximum permitted contribution to a Coverdell Education Savings Account for 2016 assuming no other persons make contributions?

• A)$2,000.
• B)$0.
• C)$5,500.
• D)$6,500.

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Definitions:

Positively Related

A relationship between two variables where an increase in one variable is associated with an increase in the other.

Negatively Related

Negatively Related indicates a relationship where one variable increases while the other decreases, or vice versa, showing an inverse correlation.

Extrinsic Motivation

Motivation driven by external rewards such as money, praise, or avoiding negative consequences, rather than intrinsic satisfaction.

Intrinsic Motivation

A driving force that inspires individuals to engage in activities for their own sake, due to the personal satisfaction or pleasure they derive, rather than for external rewards.