It’s time for a year-end check-in on your 529. One of the best aspects of 529s is the opportunities for free money. Here are a few ways to get more free money into your account: Have other people contribute for you. Are you stressing out about the junk your kids are going to get for the holidays? If so, give…
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529 Plans
UTMAs– custodial investment accounts for minors– are great for a lot of things. Parents or grandparents can open them for minor children, choose or let them choose investments, and growth and earnings are the child’s (though potentially taxed at the parents’ rate) and subject to the lower capital gains tax rates. One thing UTMAs are not good for is financial…
Let’s assume that this year’s FAFSA is going to come out on Oct. 1 as scheduled. If you’re filing it this year, now is a great time to get a handle on it. I’ll provide additional details on more complicated assets in subsequent posts. What is and isn’t an asset on the FAFSA? Here’s a quick “is it or isn’t…
Let’s assume that this year’s FAFSA is going to come out on Oct. 1 as scheduled. If you’re filing it this year, now is a great time to get a handle on it. I’ll provide additional details on more complicated assets in subsequent posts. What is and isn’t an asset on the FAFSA? Here’s a quick “is it or isn’t…
Yes, you can use your 529 for off-campus room and board and, assuming you have money in your 529, you should! And you should do it right to save money and hassle. There are a few elements to doing it right. The right amount: Off-campus room and board are Qualified Higher Education Expenses (aka “OK to spend your 529 on”)…