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Tax Credits and Deductions

College Planning After a Divorce

Students whose parents are divorced have some planning opportunities if the exes are willing to cooperate. The first step is of course to understand the planning areas. And the first step of that first step is to understand a key definition: “custodial parent.” Custodial parent is used in two primary places for college purposes, and in ways that are completely…

Ask the Experts: 529s

ICYMI, here is my conversation with Richard Ellis of my529. Some key takeaways: When looking for the “best” 529, start by checking if your state offers a tax benefit for contributions to its plan. If not, look for a plan that offers low-cost, diversified portfolios and low plan fees. Research has shown that students whose families have any amount of…

What to do Right Now

I keep hearing variations on the theme of, “When things are uncertain, it’s helpful to have specific tasks to do.” So here is a to do list for you, sorted by your student’s age. Current College Student Check your course schedule to confirm if your in-person and online courses align such that you can get to both. Make sure you…

529 Contributions During College Years

Many people think that as soon as your student hits college, you should stop contributing to their 529 account. But unless you already have 100% of qualified expenses in your 529, continuing to contribute can be really beneficial as long as you follow a few guidelines. In fact, you can almost use your 529 as a super savings account. First,…

College Students and Stimulus Payments

This post is from April, 2020. If you are looking for information about the March 2021 stimulus payments, please go here. Parents of college students have likely heard that those students– if claimed as dependents on their parents’ 2019 taxes– are not eligible for the $1,200 stimulus payment. These payments are an advance refundable credit on 2020 taxes. This means…

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