#savingsplan

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Topic: 529 Plans - Education Savings plan

What happens if a student takes a 529 plan distribution for the tuition expense they intend to incur, but they then end up receiving a refund of that tuition? For example, this could occur when a student receives 529 plan distributions to pay tuition for a college semester but then decides to drop one of the classes, causing the school to issue the student a tuition refund.

Regulations are intended to be issued in accordance with §529(c)(3)(D), which provides that the refund will be treated entirely as non-taxable principal if it is recontributed to the 529 plan within 60 days of being received. Additionally, it is anticipated that the regulations will provide that the recontributed amount does not count against the limit on contributions to the 529 plan for the year, and that the recontribution must be to a plan that is for the same student that received the refund.

#college #school #tuition #money #refund #uni #universtiy #semester #lastsemester #collegelife #student #study #collegestudent #students #education #savingsplan #kids #collegesavingsplangs #collegesavings #classof2023

Caine and I living our best Croatian lives🇭🇷. Seems like such a distant memory now. Especially with this weather that HAS NOT STOPPED RAINING FOR 2 DAYS. I feel bad for grumbling because we did have a lovely summer didn’t we? So let’s be thankful. How’s everyone’s weekends going? I had a lovely day yesterday at a 1st Birthday party and then came home and started decorating the first room in the house😬. Today we’re heading out for Sunday lunch with Caine’s family and I can’t wait to eat lots of vegetables and try and get over this illness that’s been lingering for over a month🥦🍗🍖🍷🍠🥔🍨

I've been thinking this week about money + how it can add or subtract value from our lives. Today was my daughter's 6th birthday. 🎉 Although I’m one of the most frugal people you'll meet, it was important to me to create a day she would remember. I’m didn’t spend a lot on it + was that brave mom who hosted it at our house. 😱
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Today was about her. Today, she got to feel special + loved, surrounded by those who care about her.
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Today, money bought the food + supplies for her art-themed birthday party. Today, money added value to our lives. Each kid walked away with a spectacular piece of art they created. 🎨
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I hope today that money is adding value to your life, too. 💜
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#birthdaylove #artparty #artgallery #painting #unicorn #dreambig #partyathome #savingmoney #shesaves #savingtotravel #budgeting #budgetingwins #budgetingtips #savingtips #savingsplan #lifestyle #lifechoices #omaha

Topic: 529 Plans - Education Savings plan

Prior to the 2017 Tax Cuts and Jobs Act, 529 plan distributions could only be used for undergraduate and graduate education expenses. The 2017 Tax Cuts and Jobs Act expanded the definition of “qualified education expenses” for 529 plans to include elementary school and secondary school tuition. Distributions used for these specific expenses cannot exceed $10,000 per year.

We are awaiting guidance from states as to whether or not they will conform to the new guidelines for qualified distributions from 529 accounts. If they do not, it may mean that an additional calculation for state tax purposes may be required.

The IRS intends to issue regulations defining the term “elementary or secondary” to mean kindergarten through grade 12, as determined under state law. The purpose of this is for 529 plans and Coverdell education savings accounts to use the same definition. Coverdell education savings accounts are another type of tax-advantaged savings accounts that can be used for qualified education expenses. Some students may receive distributions from both types of accounts. 529 plans and Coverdell education savings accounts using the same definition for “elementary or secondary” will facilitate the allocation of expenses between those two accounts for use in determining if total distributions from the accounts exceed total qualified education expenses for a student.

#college #school #tuition #money #refund #uni #universtiy #semester #lastsemester #collegelife #student #study #collegestudent #students #education #savingsplan #kids #collegesavingsplangs #collegesavings #classof2023

Super charge your savings - Sign up for 1-on-1 financial coaching today!
http://savepainfree.com

Retirement doesn’t have to be a scary next-step in your life. In fact, there are ways to achieve greater income once you’re retired. One option is to delay your social security benefit until full retirement age (70 years old). Accepting your SS benefit prior to the age of 70 could result in a lower monthly amount. Purchasing a rental property or leasing extra space in your home (such as on AirBnB) will allow you to collect extra income on your own terms! Keeping a part-time or contracted or consultation position after retirement is a great way to keep your mind sharp, your body agile, and a stream of cash entering your home! Retiring doesn’t have to be the last chapter of your life. If you have any questions about saving for or making the most of your retirement years, we know someone who can help!
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#savingsplan #savemore #spendless #retirement #retiring #happyretirement #reduce #downsize #valleyheritagerealty #californiaretirement #realestate #moving #centralvalley

I loved how in Plitvice the trees reflected off of the water🌲. I spy some fishes in there too! You know where you see a place in a picture (heavily edited) and it looks absolutely beautiful but then in real life it’s not all that? This is not one of those places. Even though the weather was pants it was definitely up there with the most beautiful things I’ve seen⛰. If anyone would like a copy of my Croatia itinerary then send me your email address and I’d be happy to send it over😊. We travelled from the south to the north and had stops in Dubrovnik, Split, Hvar, Krka, Zadar, Plitvice & Pula. The itinerary really helped us to plan our trip, arrange our travel, know travel times and book our accommodation🚗

Everyone has their own financial journey. 🚶‍♀️💰 📷 @hauteatheart

Topic: 529 Plans - Education Savings plan

States may establish these plans for a person to save for a beneficiary’s future education expenses. Contributions to these plans are invested and grow tax-free. Distributions are tax-free if the entire amount is used for qualified education expenses (for example: tuition, fees, books, and supplies). A distribution is allocated as part principal and part earnings. The principal portion is the amount of the funds originally contributed. The earnings portion is the growth from those funds being invested. If any part of a distribution is not used for qualified education expenses, then the earnings portion of that amount will be subject to income tax and a 10% penalty tax.

#college #school #tuition #money #refund #uni #universtiy #semester #lastsemester #collegelife #student #study #collegestudent #students #education #savingsplan #kids #collegesavingsplangs #collegesavings #classof2023

Do you currently have any savings goals? Take some time this weekend to write down a list of dreams and goals to get you motivated again! Little steps taken consistently makes all the difference!

#financialaspects #financialplanner #financialadvice #financialplanning #geelong #budgeting #dreamcometrue #savingsplan #financialsolutions #moneystrategies

🙋🏻‍♀️ Who’s with me? We just call it a savings plan! .
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#savings #budget #cart #shoppingonline #shopping #savingsplan

Did I mention it's Life Insurance Awareness Month? If I didn't, I'm telling ya now. Before you start the weekend, you may want to read this and think it over—"What You Need to Know About Military Life Insurance." It's not a fun topic or an easy one to discuss but ignoring it doesn't make it go away. Life happens. USAA was kind enough to sponsor my article about life insurance.
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In my post, I share a very personal story that immediately made life insurance a priority for not only me but my husband and children. There is no day like today, life is going to happen so ya need to start making a plan. Right meow! 😉
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#sponsored #TodayisTheDay #lifeinsurance #adulting #retirementplanning #savingsplan #seriousaboutmoney #money #insurance #financialliteracy #lifeinsuranceawarenessmonth #army #airforce #military #navy #soldier #usarmy #coastguard #usmc #marine #supportourtroops #usnavy #sailor #sot #airman #milspouse #militarywife #militarylife #veteran #militaryfamily

Topic: 529 Plans - Education Savings plan

Three 529 plan changes are addressed, including (1) tax treatment of recontributions of tuition refunds; (2) distributions used for K-12 education; and (3) rollovers to ABLE accounts.

#college #school #tuition #money #refund #uni #universtiy #semester #lastsemester #collegelife #student #study #collegestudent #students #education #savingsplan #kids #collegesavingsplangs #collegesavings #classof2022

Our website is an excellent resource for anyone looking to plan and save for the cost of higher education. #collegesavingsmonth 🎓💵 Explore your options here:
 https://bit.ly/2MHLTvs

The 529 savings plan is not for college students alone! Changes in plan benefits help parents of younger children with education expenses too! Read more at www.pbmares.com/blog or click on the link in our profile.

#Taxreformchanges
#taxreform
#529savingsplan
#529plans
#Educationexpenses
#Savingsplan
#Pbmares
#taxadvisors

What’s your savings plan?

🎗Emergency Fund- fund this savings account 1st. 1000.00
🎗2nd Savings Account- 3/6 months of expenses and once you reach 10,000-15,000 convert to a Mutual Saving Account which in return earns more interest than a savings 🎗3rd Savings Account- Save a certain amount (depending on budget) every pay period for your child/children deducted into this account. Example: 100.00 a month gives your child 20,000.00 over in savings if you start when they are 1. Once you reach 10,000-15,000 turn it also into a mutual fund or a 529 College Savings Plan. (We don’t know if our kids want to go to college, so my personal choice is a mutual fund.) 🎗Now budget your groceries, gas, & household needs for the month. Divide that by how many times you get paid per month and put that in your checking automatically. 🎗Now budget for Mortgage/Rent, household bills, car insurance, life insurance, etc.... whatever you are short on IF you are short means you are going to GRIND IT OUT! Overtime or 2nd job. Take your pick. All the while, you are working on your skills to land a better paying job ( school, interning, mentorship, etc.....) 💰#savingsplan #savingmoney #future #futurethinking #investing #1stepatatime #saveforthekids #financialpeace #financialliberty #makemoneyworkforyou #checkingsandsavings #mutualfunds #creditrepair #credit

By opening an NC 529 Account you can focus your attention on your child’s development, with the comfort of knowing you’re saving for their future education.
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#PlanForCollege #PayForCollege #NC529 #savingsplan #college #student #school #collegesavings #saveearly #HigherEducation #collegefund

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