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9 Keys to Education Planning

Posted by Zinner & Co. on Sep 12, 2019 5:48:00 AM

 

Whether your children (or grandchildren) are 2 or 20, there’s one big thing probably weighing on your mind: How to pay for college. You’re not alone. According to recent studies, 42% of parents surveyed say their top money concern is paying for their child’s education.

The figures are daunting. Estimates project the cost of yearly tuition at a private college will be over $130,000 per year by the time today's grade schoolers reach college. The key to tackling these overwhelming figures is to have a strategy and long-term approach to saving for higher education.

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Topics: education, financial planning, Financial Planning - College, 529 plan, college, tuition

Use of Section 529 plans now available for elementary and high school tuition

Posted by Zinner & Co. Tax Team on Aug 30, 2018 9:36:05 AM

High school and elementary school tuition can now be paid through a 529 savings plan.

For many families, use of Section 529 plans or “Qualified Tuition Programs” for college tuition planning has provided a great way to exempt the growth of a dedicated asset account when used for qualified education expenses. 

The 2017 Tax Cut and Jobs Act made changes to this tool to allow for up to $10,000 in annual expenses for tuition with enrollment or attendance at a qualified elementary or secondary public, private or religious school.

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Topics: education, 529 plan, Tax Cuts and Jobs Act of 2017

Child Heading Off to College Soon? 3 Important Lessons About 529 Plan Withdrawals

Posted by DeAnna Alger, CPA on Jun 24, 2016 3:00:00 PM

Many of my clients have a child heading off to college in a month or two and have asked about 529 Plan withdrawals to help cover upcoming education expenses. 

Contrary to what some may think, not all withdrawals are tax-free.  Therefore, it is important to understand the basics of 529 plan distributions to avoid paying unwanted federal income tax. While it can be confusing, much like venturing into a college classroom, we’ve broken it down into three simple lessons.   

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Topics: education, 529 plan, income, income tax, withdrawls, college, tuition

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