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1. Raymond James established a Section 529 Savings Plan for his son Derwin several years...

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Finance

1. Raymond James established a Section 529 Savings Plan for his son Derwin several years ago. It is now time to pay Derwin's first-year college costs. The current value of the fund is $70,000. If Raymond withdraws $155,000 to pay qualified tuition expenses, how will the distribution be taxed?

a A 529 plan for the student created by the student's grandparents b A 529 plan for the student created by the student's parents c At capital gains tax rate d At the income tax rate e At the sales tax rate f Cash Value of a Life Insurance Policy on the student's mother g FV h I/Y i IRR j N k No taxes on the distributionon l Plus Loan m PMT n PV o Stafford Loan p The IRAs of the student's parents q Work-Study

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