Which of the following is a characteristic of the 529 plan that makes it different from the Coverdell Education Saving Account?
A. There is no age limit for disbursement of funds
B. The beneficiary can be changed to another family member.
C. Anyone can open an account for the beneficiary.
D. Withdrawals are not federally taxed.

Question

04-04-2018
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Which of the following is a characteristic of the 529 plan that makes it different from the Coverdell Education Saving Account?
A. There is no age limit for disbursement of funds
B. The beneficiary can be changed to another family member.
C. Anyone can open an account for the beneficiary.
D. Withdrawals are not federally taxed.

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chanarithnop chanarithnop · Answer 1 · 2018-04-11T00:47:54+02:00

chanarithnop chanarithnop

11-04-2018

A: There is no age limit for disbursement of funds

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JABARBS JABARBS · Answer 2 · 2018-12-13T09:38:07+01:00

The correct answer is A. There is no age limit for disbursement of funds.

Both 529 and coverdell are tax advantaged savings which are designed so as to encourage people to save for future education.

In 529, funds can be used to pay expenses which are needed in the college or which are associated with institution of post secondary training.

In coverdell in allows money grow to tax deferred where by it can go up to to be withdrawn without paying any tax for those who qualify expenses to the institutions which are qualified.

Some differences of coverdell to 529 include; In coverdell there is age limit, they have contribution age limit, they have maximum contribution limit, and income of donor levels affects contributions.