For married taxpayers filing a joint return in 2019, at what AGI level does the phase-out limit for contributions to Qualified Tuition Programs (Section 529 plans) start? a.$225,750 b.$150,500 c.$400,000 d.$188,150 e.There is no phase-out limit on Qualified Tuition Program contributions.

For married taxpayers filing a joint return in 2019, at what AGI level does the phase-out limit for contributions to Qualified Tuition Programs (Section 529 plans) start? a.$225,750 b.$150,500 c.$400,000 d.$188,150 e.There is no phase-out limit on Qualified Tuition Program contributions.

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter2: Gross Income And Exclusions

Section: Chapter Questions

Problem 29MCQ: During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000....

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Concept explainers

Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.

Question

For married taxpayers filing a joint return in 2019, at what AGI level does the phase-out limit for contributions to Qualified Tuition Programs (Section 529 plans) start?

a.$225,750

b.$150,500

c.$400,000

d.$188,150

e.There is no phase-out limit on Qualified Tuition Program contributions.

Expert Solution

Step 1

Phase-out limit: It is a term that sets out the maximum level of income for the taxpayers up to which they can earn tax credits. Once the income exceeds the maximum limit the taxpayers may not be eligible to claim the tax credit.

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