There are some tax-savvy ways to build education savings and pay for college. Here’s how to help maximize education funds.
education
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Unlock your child’s potential by investing in a 529 plan
College costs have gone up sharply, so starting to save early is a smart move. One option is to invest in a tax-advantaged 529 plan.
New option for unused funds in a 529 college savings plan
It’s not unusual for parents to end up with unused funds in their children’s 529 college savings plans. There’s a new option that allows them to transfer unused funds in a 529 plan to a Roth IRA. Here are the details.
Are scholarships tax-free or taxable?
If your child is fortunate enough to get a scholarship, is the amount taxable income? For some, yes, but there’s good news for most families.
Are scholarships tax-free or taxable?
COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition bills. If your child has been awarded a scholarship, that’s cause for...
With COVID-19, college bound children need a basic estate plan
It’s August, and that means it’s time to go back to school for many college students. If your child recently graduated from high school and is heading to college in the next few weeks, besides assembling the essentials — such as clothing, toiletries, bedding, and a...
Congress gives a holiday gift in favorable tax provisions
As part of a year-end budget bill, Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced that President Trump will sign the Further Consolidated Appropriations Act of 2020 into law. It also...
Use a Coverdell ESA to help pay for your child’s education
There are several ways to save for your child’s or grandchild’s education, including with a Coverdell Education Savings Account (ESA). Although for federal tax purposes there’s no upfront deduction for contributions made to an ESA, the earnings on the contributions...
Year-end tax and financial to-do list for individuals
With the dawn of 2019 on the near horizon, there are many items that you need to take care of before the end of 2018. here’s a quick list of tax and financial to-dos you should address before the end of the year. Check your FSA balance. If you have a Flexible Spending...
529 plans offer two tax-advantaged education funding options
Section 529 plans are a popular education-funding tool because of tax and other benefits. Two types are available: 1) prepaid tuition plans, and 2) savings plans. And one of these plans got even better under the Tax Cuts and Jobs Act (TCJA). Enjoy valuable income tax...
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