Saving for a child's education is one of the most generous gifts a parent or grandparent can give. But with college costs climbing every year, choosing the right savings vehicle matters just as much as the saving itself.
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Paying for a child’s education often involves balancing multiple savings tools, each with its own tax advantages and planning opportunities. Two of the most common options are the Coverdell Education Savings Account (ESA) and the 529 plan.
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One of the more useful provisions of the Secure Act 2.0 gives those who have unused 529 plan balances the option of rolling over funds with no tax implications into a Roth IRA. Here are the key rules for rolling over funds from a 529 plan to a Roth IRA.
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Are you the type of person who celebrates your personal victories? According to a number of psychological studies, celebrating victories—even the small ones, has an extremely positive impact on a person’s sense of happiness and well-being.
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Now, more than ever, we are recommending 529 Plans as a way to save for college. When Congress passed the SECURE 2.0 Act in 2022, they introduced new rules relating to 529 plans. The new law now allows for tax and penalty-free rollovers from a 529 plan to a Roth IRA!
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With nationwide college costs continuing to rise, it has never been more important for parents to develop a savings strategy to help cover these costs.
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The Consolidated Appropriations Act (CAA) offers many tax provisions to assist in the ongoing economic crisis. Many of the provisions affect not only the 2020 tax return but into future years as well.
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College is almost here! So, while my family is busy applying for college, you may be considering utilizing a 529 College Savings Plan as a component of your college savings strategy for your own kids or grandchildren. 529 Plans can be an excellent tool when saving for college, however, there are also a number of drawbacks to consider.
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