Since taxes seem to be top-of-mind for everyone, here’s a quick tip for bringing your income down on the FAFSA or CSS PROFILE: Don’t get a state tax refund. If you do, you have to report it as income. Check with your tax preparer to determine the right amount of state withholding that avoids both a refund and a penalty…
Do you need to report 1099 q income on your tax return? As long as none of the distribution is taxable (i.e., you have qualifying expenses to offset it), NO, you do not have to report it. However, you should keep records of your qualified expenses. That’s especially true if the
This is a question for the parents, not the students. For better or, often, for worse, parents can borrow the entire cost of college through parent PLUS loans. And for multiple children. If the lenders won’t cap what you can borrow, then it’s up to you to make good
It’s good that the New York Fed releases its quarterly report on debt in the US before most college acceptance and financial aid award letters go out. Why? Because it gives us a chance to look at what is going on in the world of student loan debt and help our students avoid joining the lost world of young adults…
You can rebalance your 529 plan account twice a year. Just because you can, should you? If you’re in an age-based investment option, you don’t need to rebalance to maintain the correct asset allocation. That’s what an age-based strategy does for you. Those who select their own funds should rebalance, especially since your allocation has probably become