What to Do Now with Coverdell ESAs
Coverdell Education Savings Accounts, or ESAs, were greatly enhanced by the Economic Growth Tax Relief Act of 2001 as a tax-advantaged way to pay for education. However, the provisions in that act are set to expire at the end of 2010 and likely will not be extended; starting in 2010, old rules will again apply. These old rules are not very favorable; you may want to take action with respect to existing Coverdell ESAs before the end of the year. More
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A: The interplay between the education credits is very difficult to follow — especially if you take into account the education IRA and the 529 plans.
So, to the question at hand. No, you can not take both the Hope and the lifetime learning credit in the same taxable year. Taxpayers …More
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