Multiple Choice
Mary Lou took a $7,000 distribution from her educational savings account and used $6,500 to pay for qualified higher education expenses.The remaining balance of $500 was used to purchase clothes.On the date of the distribution,her educational savings account had a $28,000 balance including the $21,000 she had contributed.How much of the $7,000 distribution is tax-free?
A) $0
B) $7,000
C) $6,500
D) $6,875
E) $1,750
Correct Answer:
Verified
Correct Answer:
Verified
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