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Explanation & Answer
Attached.
CPA FIRM, LLC
Memo
To:
Partner
From: DAL
Date: 2/1/2018
Re:
Expenses covered by Ed IRA for Client Joe and Beth
Issue
Joe and Beth have been funding an Ed IRA (also called a Coverdell Educational Savings
Account) for their son, Eric, for several years. Eric has been offered an academic scholarship at a
small, private college in Michigan. The scholarship covers Eric's tuition and fees only; it does
not cover books, meals, housing or other incidentals. Eric will not be able to commute to school,
but the college does not have any campus-sponsored housing. The following is an analysis that
determines the expenses for which, the parents should use the Ed IRA.
Rule
Under 26 U.S. Code § 529(e) 3 (A) (i), the expenses eligible for Ed IRA include tuition, books,
fees, supplies as well as the necessary equipment for enrolment. From clause (ii), special nee...