Questions tagged [education-savings]
The education-savings tag has no usage guidance.
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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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new york state 529 k-12
https://www.nysaves.org/home/fe.html
Under New York State law, distributions for K-12 tuition expenses are
considered nonqualified withdrawals and will require the recapture of
any New York ...
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Are non-qualified withdrawals from a 529 plan penalized on the original contributions?
My understanding is that early (nonqualified) withdrawals from a 529 plan are penalized at 10%, plus taxed over any capital gains.
Does the 10% penalty apply to capital/investment gains only, or to ...
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Grandparent funding grandchild's K-12 education and receiving Arizona tax deduction
I want to help pay for my granddaughter's preschool and primary education expenses and would like to get a deduction on my Arizona state taxes in the process. Arizona offers a state tax deduction for ...
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Is a technical Masters degree in a high-paying employable field worth it? [closed]
I give as a follow-up to my first question, a more reality-driven premise and question. I ask: Is a Masters degree in a high-paying employable field worth it?
Say you need 4 pre-Masters (aka post-...
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What are things to think about when paying for/taking out a loan for graduate school? [closed]
I haven't seen a lot of posts related to graduate school in this SX, but I apologize if there are. I bolded the crux of my question.
I'll apply my situation to this question as an example:
I got a ...
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Pay off loan with MESP 529?
I made a bad decision and took a 401k loan last year. I question whether I could pay off the loan with a 529 account I have through Michigan education savings plan. I would not be pulling any money ...
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How to smartly enter information of the CSS Profile and IDAC form?
All need-based financial aid colleges in the USA require filling out the CSS Profile and IDOC Form to determine financial need. Hence it is in the student and his family's interest to show their ...
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529 plan strategy for contributions and withdrawals?
I have a child who is a college-bound high school senior.
We live in a high tax state that offers a tax deduction on contributions of up to $10K per year to the state's 529 plan.
At this time we ...
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Can your kids take over your 529 plan and use it for their own kids?
Consider the following situation:
There is money remaining in your 529 plan after your children have finished college. Your children now have children of their own.
Can you change the beneficiary of ...
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Educational Savings Program vs. Individual Investment Plan
I am trying to figure out what is the best investment option for my daughter's college tuition when she turns 18. We currently have Michigan's education savings program (MESP 529) and we deposit $100 ...
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Will having savings and investments count against my kids' college financial aid?
I have a fairly modest income (closer to the poverty line than median income), but because we live abroad, we're able to live comfortably and save responsibly. We max out our IRA contributions every ...
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what are the benefits of setting up an education trust fund for children?
I am thinking of setting up a trust fund for my children. I am wondering if there are any differences between setting up a saving account and a trust fund?
Update, I am in New Zealand.
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Entire Coverdell ESA accidentally disbursed, need to spend part and redeposit
My 18 year old daughter will be entering a university and community college simultaneously. I had a Coverdell ESA that I wanted to use for tuition, room & board, and a computer for her. I went to ...
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Will one’s education loan application be rejected if one doesn't have a payslip providing collateral?
Is it possible to reject education loan by SBI/IOB for abroad if don’t have payslip where parents are doing small business but provided necessary collateral which is worth twice the value approved by ...
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Am I better off with NY's 529 plan? (Maryland resident)
Maryland resident here.
We'll be opening some 529 plans for our kids (ages 4.5, 2.5, and 1), and I'm wondering how to determine if we're better off with the in-state plan or another state's plan.
We'...
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Is money in a UTMA considered when a student applies for financial aid?
If a student is applying to college and requesting student aid, but has a substantial amount of money in a UTMA account, can that negatively affect their chances to receive financial aid? If so, is ...
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State tax deduction of 529 account deposits?
My state (Massachusetts) will offer a tax deduction next year for up to $2000 in deposits to a 529 college savings account.
I have a credit card which offers 2% cash back. The choices were to have ...
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Do banks offer any Savings Account or Savings fund for specific reasons?
I am saving Money for Grad School Prep and Marriage which is there in my Savings Account. I was thinking of opening new bank savings account for certain purposes and schedule automate deposit to those ...
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How much money should a "fully-funded" 529 account contain to pay for a student's education?
What is the maximum, reasonable amount one might put into a 529 college savings account for the benefit of a single future student?
529 accounts have maximum allowed balances between $235k and $400k ...
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College funds - is it too late to open a 529?
We are immigrated parents and our daughter will be going to college in 3 years. What's the best option if we want to start saving for her college education? I would like to have an account with high ...
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I inherited cash and am deciding whether to save, pay off debt or invest
I have $30,000 I recently inherited and am trying to figure out the smart thing to do with it - pay down mortgage, pay off a HELOC, save for education (2 kids who will be starting college in 1 and 3 ...
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I want a long term savings account for my daughter. How should I proceed?
I have researched some into Certificate of deposit and was wondering if this is a good approach. From this site http://www.bankrate.com/cd.aspx with the following criteria of Ca, Los Angeles and 5 ...
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Does it make economic sense to get a cheaper online degree rather than a traditional college degree? [closed]
We have been taught since young that education is sacred and that a college degree is a passport to a good future in life. However, today's traditional college cost is really very high and there comes ...
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Ways to save for child's college education where one need not commit to set contributions? [duplicate]
I'm looking for a good way to save for college for my daughter. As a parent of a single income home, I am looking for a way to maximize my savings to reach my goals, but without having to go with a ...
Ryan Marino
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Tax advantages of using 529 plans to save for child's education?
I have been looking into 529 plans for my son, and my primary banking and financial institution offers a 529, but their 529 is not as high performing as some other likes Vanguard, T Rowe, or State ...
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What is the best approach to save money for College for three kids?
I have three kids ages 4, 3 and 0 and I am concerned about the cost of college education for my daughters. A lot of the "public" schools (not community colleges) cost between $20,000 to $24,000 a year ...
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Should I save for a down payment or pay off school in cash?
I am able to save about $1000/month after all bills. I can either save this money for a down payment on a house, or pay for my (rather expensive) grad school program in cash and incur no additional ...
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Can my sister open a Coverdell ESA for my son?
My son is, naturally, claimed as a dependent on my tax returns. My question is:
Can my sister open a Coverdell Education Savings Account (an education IRA) for my son (her nephew)?
I am aware that ...
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What should I consider when opening a 529 for someone who is not my dependent?
I have some money languishing in a CD. I rigged the baby pool when my "nephew" [best friends son] was born and set my ill gotten gains aside for his education.
I would like to open a 529 for him. I ...
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College Savings: Using available IRA vs establishing a 529 plan?
A financial adviser has recommended to me using my IRA to save for my son's college with the following notion in mind:
529 plans must be used for education, therefore if he doesn't want to attend* or ...
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Saving for niece's education: Roth vs 529 vs something else?
I am considering starting an account to help fund my girlfriend's niece's education. I am looking at contributing a small amount each month. I would also like to maintain control of the money and be ...
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Can I convert my 529 college savings plan to a Coverdell ESA?
Can I convert my 529 college savings plan to a Coverdell ESA, or am I stuck with my 529 plan?
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Does it make sense to "save" for college by paying off my mortgage?
Assumptions (using round numbers):
Two children start college in 12 and 15 years.
Currently saving $400/month in a college savings fund earning ~2%. (Some in a taxable account, some in a Coverdell.)
$...
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In state 529 plan, out of state college?
Do you have to open a 529 plan for the state that you live in? and if you do, can your child go to college in any state and still use the money saved?
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Is there any tax-deductible way to help fund my siblings' education?
My brother is in college and my sister is attending a private high school. I would like to help my parents pay for their education. Is there any way to do this that would be tax-deductible?
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Can I start a 529 plan for a child before the child is born?
A recent question got me wondering about this one: Conventional wisdom says "It's never too early to start saving for your kid's college education." But a 529 plan is taken out for a specific person. ...
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Strategies for putting away money for a child's future (college, etc.)?
So my wife and I will be having our first child at the end of the year, and I'm trying to devise a strategy for things like putting money away for the little person now, while I have the time and ...
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