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The new Simplified FAFSA is here! Here’s a quick video with some tips that will help you get through it with a minimum of chaos and maximum of financial aid. 🔗
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Education Tax Credits: The AOTC and LLC
It’s tax time, which means it’s time to claim education tax credits you may be eligible for. Unfortunately, a lot of tax software programs don’t provide good instructions for doing so, so it’s a good idea to pull up the instructions for Form 8863 and review them before filing.
College Students and Stimulus Payments
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.
Free Money: AOTC Claiming Strategies
Once upon a time, the American Opportunity Tax Credit was a pretty simple proposition: Families could get a $2,500 annual tax credit for $4,000 of out-of-pocket college tuition expenses for their dependent student, as long as their income was below the IRS threshold for the credit.
Changes to OR 529 Plan Tax Benefits
Changes to Oregon’s 529 Plan Tax Benefits that go into effect in 2020.
AOTC And New Tax Law
One of the big changes to the tax bill was making our young adult children less valuable to their parents from a tax perspective. The dependent exemption is gone and the child tax credit for 18- to 23-year-old dependents is only $500.
Tax Time Reporting: 1099 Q
Insights for folks who need to report 1099 q income on your tax return.
529 Contributions for Tax Purposes
529 savings plan tax planning strategies to best position your financial situation for the FAFSA.
College Tax Credits and Divorce
Divorced parents are probably already well aware that the financial piece of planning for college is mystifying at best. If you’re a divorced parent, I hope this information helps you with your planning.