What is the maximum amount Velvia can contribute to a Coverdell Education Savings Account (CESA)on behalf of a grandson in 2012? She is single with an AGI of $99,000.
A) $0.
B) $500.
C) $1,467.
D) $2,000.
E) None of the above.

Question

Quizplus · Accepted Answer

Velvia's AGI is $99,000, which is below the $110,000 phase-out threshold for single filers in 2012. Therefore, she can contribute the maximum amount of $2,000 to a CESA on behalf of her grandson.

What Is the Maximum Amount Velvia Can Contribute to a Coverdell