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How Does a 529 Plan Affect My Taxes?
How Does a 529 Plan Affect My Taxes?
For those of you who have 529 plans, you may be asking how your contributions to the plan will affect your tax return. While for the most part they’re relatively low-maintenance, there are definitely a few times when your 529 plan could come into play during tax season. What to Do with Your 1099-Q? Let’s say you took a distribution in t
What Students Need to Know About the American Opportunity Credit and Lifetime Learning Credit
What Students Need to Know About the American Opportunity Credit and Lifetime Learning Credit
American Opportunity Credit The American Opportunity credit gives students the chance to reduce the cost of attending college. Students must meet several requirements to be eligible for the credit. To be eligible for the credit, the student must be enrolled at least half time, for at least one semester in designated tax year, and be working to
Why Your Charitable Gift Receipt is So Important
Why Your Charitable Gift Receipt is So Important
Americans are an incredibly charitable group. According to a 2015 study done by The Giving Institute1, Americans donated $373 billion to charitable causes, and $268 billion of that was given by individuals. To benefit these charitable individuals, the IRS provides a charitable contribution deduction. But be aware, there are some very specific stipu
Better Planned Giving with a Charitable Remainder Trust
Better Planned Giving with a Charitable Remainder Trust
For some, planned giving can be an important component of their estate plan. Planned giving is the practice of making a substantial charitable gift part of a donor’s estate plan, which can either be distributed during the donor’s lifetime or after their death. Often times, smart planned giving involves combining a few different vehicles, such as a
Understanding Medicare – What You Must Know
Understanding Medicare – What You Must Know
If you don’t rely on it already, Medicare will eventually be a big part of ensuring that your healthcare costs are covered in your retirement. Health care can be one of the largest expenses in retirement – according to a study done by the Employee Benefit Research Institute (EBRI) in October of 2015, the average retired couple will need $259,0001 t
5 Things to Never Do with an Inherited IRA
5 Things to Never Do with an Inherited IRA
Inheriting an individual retirement account can be a very fortunate thing, if done correctly. The majority of us are left to our own devices when preparing for retirement, so the additional income from an inherited IRA can provide some relief. But be forewarned, inherited IRAs come with a lot of rules – more than your own IRA. It is important
Am I Too Old to Take Out a Long-Term Care Insurance Policy?
Am I Too Old to Take Out a Long-Term Care Insurance Policy?
Long-term care is certainly a significant concern for people over age 65. According to the U.S. Department of Health and Human Services, 70% of those over age 65 will need some type of long-term care services during their lifetime. More than 40% will require care in a nursing home for some period of time. For a normally healthy and active person, t
Understanding Your Required Minimum Distribution - and How to Calculate It
Understanding Your Required Minimum Distribution - and How to Calculate It
What is a RMD? When you hit the age of 72 , you are required by the IRS to withdraw funds from your traditional individual retirement accounts (IRAs) and qualified plans such as 401(k)s. This mandated withdrawal is known as a Required Minimum Distribution, or RMD. One of the possible benefits of having an IRA is that the money you contribute is not