Homework Answers
According to the 529 plan under SECURE ACT, an amount of $10000 for a lifetime can be withdrawn for repaying the beneficiary's student loan which does not include any tax consequences.
As discussed in the question above, Diesel has already withdrawn $4000 for paying his student loan in 2020. The total amount that could have been used for repaying loan for lifetime was $10000 from which $4000 has been already withdrawn.
Now in 2021, the maximum amount that can be withdrawn for this purpose of repaying student loan is $6000 ($10000-$4000).
So, the correct option is $6000.
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Question 41 of 100. Diesel plans to use his 529 plan to pay down his student...
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please answer these within aboit 30-50 min
thank you!
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please answer these within aboit 30-50 min
thank you!
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please use Excel to answer each question
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