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Q26 Single choice

Which of the following characteristics describes the withdrawal provisions of a Coverdell Education Savings Account (ESA)?

A
Funds must be used for higher education only and may be used by the beneficiary at any age without a tax penalty.
B
Funds must be used for higher education only and must be used by the beneficiary before a specific age to avoid a tax penalty.
C
Funds may be used for any level of education and may be used by the beneficiary at any age without a tax penalty.
D
Funds may be used for any level of education and must be used by the beneficiary before a specific age to avoid a tax penalty.

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