Going back through this blog in an attempt to semi-organize it, I realized I never gave an overview of 529 plans and how they work. That would probably explain all the questions I get about them. So, here are some 529 plan basics.
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Tax Credits and Deductions
It’s last-minute-tax-questions week! Today’s question: Whose tax return does the 1099-Q go on? Answer: It depends.
You have until April 15 or the date you file your taxes to make a 2014 529 plan contribution, if you are an Oregon resident (or a resident of another state that permits prior-year contributions to be made up until tax filing). But how do you do it? It depends on how you’re making your contribution.
It’s tax time and the questions are flying. One that comes up regularly is, “What is the tax deduction for my state’s 529 plan really worth?”
Divorced parents are probably already well aware that the financial piece of planning for college is mystifying at best. With tax season upon us, divorced parents planning to claim one of the available college tax credits– American Opportunity Tax Credit or Lifetime Learning Credit– need to know that the credit is only available to the parent who claims the student…