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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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Rhodes Scholars’ Alma Maters
With acceptance letters en route to students, it’s time for a refresher course on “Acceptance to an Elite School Does Not Guarantee Anything– Nor Does Non-Acceptance.” Here is a list of the schools that the 2014 Rhodes Scholars attended.
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.
529 Plans and AMT
Many two-income Oregon families end up owing AMT due to our two-legged tax “stool.” That’s because, absent sales tax, we pay higher income and property taxes.
Obama’s Proposed Changes to 529 Plans
Part of President Obama’s proposal to “simplify the tax code” includes significant changes to the tax treatment of 529 plans and Coverdell ESA accounts: for new contributions (i.e, after enactment of this proposal, should that happen) distributions would no longer be tax-free, even if they are used for qualified education expenses.
FAFSA Treatment of Retirement Plan Contributions
Behold, FAFSA season is upon us! Well, not entirely– the FAFSA isn’t available until January 1. Nonetheless, confusion and questions about the FAFSA abound already.
Matching 529 distributions to qualified expenses
So Junior is off to college and now it’s time to start paying the bills. For those who have done a good job putting money away in a 529 account, it’s important that you time your distributions in the same year as your expenses. It’s time to learn about two forms: the 1099-Q and the 1098-T.
A lot of financial advisors tell clients not to use 529s for college savings. If that’s what yours says, you might ask whether they’re acting in your best interest.