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return Andrea entered a 529 qualified tuition program for the benefit of her daughter, J...

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return Andrea entered a 529 qualified tuition program for the benefit of her daughter, J Andrea contributed $15,000 the tim paid for her tuition, fees, books, supplies, and room and board. Therefore, Andrea 7. to the fund. The fund balance had accumulated to $25,000 e Joanna was ready to enter college. However, Joanna received a scholarship tha withdrew the funds from the 529 plan and bought Joanna a new car. What are the tax consequences to Andrea of withdrawing the funds? a. b. Assume instead that Joanna's scholarship did not cover her room and board cost $7,500 per academic year. During the current year, $7,500 of the fund b s used to pay for Joanna's room and board. The remaining amount was l 529 plan to cover her room and board for future academic years. What are consequences to Andrea and to Joanna of using the $7,500 to pay for the board

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