Child Support and 529 Plans Quiz

Imagine you're a judge in Florida, and you have to decide on child support for little Aiden. What does Section 61.30(11)(a)(8), Florida Statutes, allow the courts to take into account... what?

• The cost of private schooling

• The impact of the dependency exemption and waiver of that exemption when determining child support

• The child's future earning potential

• The ability of the parents to pay for extracurricular activities

Imagine you're a judge in a courtroom drama starring Sophia and Noah. When can you order a parent to sign away the IRS dependency exemption?

• If the child is enrolled in college

• If the paying parent is current in support payments

• If the non-paying parent agrees

• If both parents agree to the exemption

Imagine Charlotte, Anika, and Noah are discussing who usually owns a 529 plan or other custodial accounts. Who do you think typically holds the ownership?

• The child

• Both parents jointly

• The parent who opened the account

• The state government

Imagine you're crafting a magical marital settlement agreement for Charlotte and Jackson. Which of the following is a clever practice tip for handling their 529 plan funds?

• Specify that only the account owner can make distributions

• Require that the 529 plan beneficiary cannot be changed without approval from both parents

• Restrict both parents from making any future contributions

• Allow one parent to use the funds for their personal expenses

Imagine Ava just graduated college, and there's still some treasure left in her 529 plan chest! What should happen to these leftover funds?

• The funds should automatically go to the account owner

• The funds should be evenly split between the parents

• The marital settlement agreement should outline what happens to leftover funds

• The funds should be returned to the state

Imagine Rohan and Avery have agreed to join a fun art class together! What's the best way for their parents to handle the payment for this creative adventure?

• Only one parent should cover the costs

• Each parent should pay their share directly to the extracurricular provider

• The child should contribute to the costs

• Both parents should pay in cash to the other parent

Imagine Abigail and Mason are co-parenting champs! If Abigail ends up paying more than her share for Lily's dance class, what should she do to keep things fair and square?

• Wait until Mason voluntarily pays her back

• Submit an invoice and proof of payment to Mason within 30 days

• Deduct the extra amount from child support payments

• File a motion in court to recover the extra amount

Imagine Jackson and Nora are trying to decide on a fun extracurricular activity for their child, but they just can't agree! What happens next?

• The court must decide which activities the child can join

• Neither parent can enroll the child in any activity

• Either parent may register the child and pay 100% of the cost during their timesharing

• The child must choose which activities they want to join

Imagine Noah and Liam are planning their weekend adventures! What is the primary purpose of an extracurricular activity clause in their parenting agreement?

• To ensure extracurricular activities take precedence over parenting time

• To prevent unreasonable infringement on a parent’s timesharing

• To guarantee that all costs are split 50/50

• To limit the number of activities a child can participate in

Imagine Zoe wants to change the beneficiary of her 529 plan to her little brother, Daniel. What does she need to do?

• Get approval from the custodial parent

• Get approval from the account owner only

• Get approval from both parents

• Obtain a court order