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LESLIE AND JEROME ARE DIVORCED AND BOTH FILE AS SINGLE ON THEIR TAX RETURNS IN THE...

LESLIE AND JEROME ARE DIVORCED AND BOTH FILE AS SINGLE ON THEIR TAX RETURNS IN THE YEAR 2017. MAGI AMOUNT ARE 125.000 FOR LESLIE AND 100,000 FOR JEROME. WHAT IS THE MAXIMUM CONTRIBUTION THAT EACH PARENT CAN MAKE TO THEIR DAUGHTER'S COVERDELL EDUCATION SAVINGS ACCOUNT/

0 FOR LESLIE, 0 FOR JEROME

0 FOR LESLIE, 1333 FOR JEROME

667 FOR LESLIE, 667 FOR JEROME

667 FOR LESLIE, 1333 FOR JEROME

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Answer #1

For taxpayers claiming a single, head of household, or married filing separately status:

  • $95,000 (MAGI) or less: The full $2,000 contribution is permitted.
  • $95,000 to $110,000 (MAGI): A partial contribution is permitted.
  • $110,000 (MAGI) or more: No contribution is permitted

Here we can see Leslie and Jerome are divorced and filing single tax returns.

Magi for Leslie is 125,000 and Jerome is 100,000 respectively.

Since Magi of Leslie exceeds 110,000 so no contribution is permitted. Magi of Jerome is between $95,000 and $ 110,000 so a partial contribution is permitted.

So the answer would be 0 for Leslie and 1333 for Jerome.

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