Valerie and Marty Are Both Age 51 and File a Joint

question 54

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 2015 of $180,000. What is their maximum permitted contribution to a Coverdell Education Savings Account for 2015 assuming no other persons make contributions?

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

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Definitions:

Essential Attributes

Fundamental qualities or features that define the identity or essence of an entity.

Mutually Exclusive

Two events or propositions that cannot both be true at the same time.

Jointly Exhaustive

A set of options or propositions is considered jointly exhaustive when it covers all possible cases or outcomes, leaving no scenario unaccounted for.

Mutually Exclusive

Two events or propositions that cannot both be true or occur at the same time.