Which one of the following is CORRECT regarding the Coverdell Education Savings Account?
1) Distributions may be tax free only if made for a full-time student.
2) Deductible contributions of up to $2,000 may be made per beneficiary.
3) Distributions may be tax free even if made for K-12 expenses.
4) Room and board may be covered with a tax-free distribution only if the student is full-time.