Questions tagged [education-savings]
The education-savings tag has no usage guidance.
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My husband became a custodian on our son's 529 plan when my mother-in-law passed . Does the 15 year clock start all over again on IRA Conversion?
My mother-in-law opened an account for our son when he was very young. She died 10 years ago, and the change in custodian resulted in a new account registration. So, although the account looks like it ...
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As a new grad nurse entering their new job in the ICU making $40 an hour, how should I approach a vehicle?
I am a new grad nurse entering into the field in ICU, I have $12,000 in student debt currently, but start my 1 year BSN this fall which will leave me with an unknown amount of additional student debt. ...
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Financing kids' college with bonds
The rates of treasuries went up in the US. I would like to save for college for my children so I know that in 10 years when they need to pay for college I will have the funds. Could I buy 10 year ...
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How strict are MESP 529 spending guidelines
I have consulted the IRS tax literature, MESP guidelines, and spoke with representatives for the MESP, individuals from my school's financial aid department, and have not been able to come up with a ...
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Age requirements for rolling savings bonds into 529 plans
It's my understanding that one can avoid paying taxes on savings bond interest if the money from the bond is put into a 529 college savings plan. My question is about the apparent requirement that the ...
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If 529 distribution is qualified expense, should I report it in tax return?
I received 1099Q and 1098T. The withdrawal was for tuition. I am not qualified for any education credits.
Can I not report this on my tax return?
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What counts as a scholarship for 529 fund purposes?
I understand that when a beneficiary receives a scholarship the holders of a 529 account can withdraw the scholarship amount from a 529 account without incurring the 10% fee. In particular I am ...
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How soon can I use 529 for paying college
I enrolled into college. I'm thinking to enroll into 529 plan to pay my college fees for the coming semester. This is with an intent that I will be able to save tax on the money used for tuition.
Is ...
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What is a good vehicle to do ad-hoc savings for kids' college?
My kids are 11 and 14. I've neglected to save any money for college for them, but I want to start now. I live in Maryland.
I understand that 529 college savings plans are usually the best way to go. ...
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How do I open an RESP account where I am both the subscriber and the beneficiary?
I am located in Canada and am trying to open an RESP account where I am both the subscriber and the beneficiary. The government of Canada website says I can open an RESP for myself here. I’ve called ...
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Choosing a 529 (PA Resident)
I've spent a few hours trying to figure out which state to use for a 529 for my child's college.
What I would really like is "What's the best state for me to choose?", but I'll settle for &...
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Multiple 529 accounts vs one generic on my name?
First time investing. Have four children 6 and under. I wish to start putting money aside for them to go to college (or other things that might come up, like marriage, etc.). One idea I have: instead ...
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Must 529 withdrawals be made the same year as student loan payments to avoid taxes and/or penalties?
Background
The tax law definition for Qualified Higher Education Expenses (QHEE) was amended (signed into law in December of 2019) to include student loan payments (to a maximum of $10,000).
529 ...
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How much can you have in TFSA without losing any OSAP?
Plz see beneath. Just $3600 for 2019-2020 school year!!?!!? This is too niggling and half-baked!
What if student is living away from home? Accomodation and private rent cost way more!
What if US or ...
user40269
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529 (college saving) account for multiple kids
I have a 529 account for my 3-year-old. We just discovered we're expecting another baby. Is it better to open a new 529 for the new baby or just keep contributing to one and then split it later on?
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