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What Are Qualified Education Expenses For A 529 Plan?
 
08:35
Robert is Scholarshare's blogger ambassador, and today we're discussing qualified education expenses for a 529 college savings plan - including what counts and what doesn't. You can read the full article here: http://thecollegeinvestor.com/18450/qualified-expenses-529-plan/ Using a 529 college savings plan can be a great way to save for your kids' college. But... to take advantage of all of the benefits, you can only use the money inside the account for certain expenses. In this video, we talk about: - What are qualified education expenses - What are some examples of these expenses - What are some expenses that are commonly mistaken for being "qualified", but aren't If you have questions about whether a 529 college savings plan is right for you, this video could help you answer a few of they key questions you might have!
Просмотров: 6706 The College Investor
529 Plans: Which Expenses are Qualified?
 
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http://www.savingforcollege.com In this Q&A with Joe episode we discuss qualified expenses for 529 savings plans.
Просмотров: 8631 saving4college
529 College Savings Plan
 
08:05
If you're like me and already have children, you're probably already freaking out about how much college tuition is going to be costing you in the next five, ten, or fifteen years. I know that I have been freaking out because I've seen how much college has been going up ever since I got out. If you're in that same situation, let me introduce to you the 529 college savings plan. I am just going to share what exactly a 529 plan is. How does it work; how do you actually utilize it? What are the different types that are available to you, and then what are some of these flexibilities or benefits of using the 529 college savings plan in helping fund your kid's college education? First, what exactly is the 529 plan? First and foremost, don't get so wrapped up in the 5-2-9 numbers. Those just come from the IRS code when they came up with the name. The 529 college savings plan is a tax advantage savings and investment vehicle used purely, and I stress purely to save for your kid's college. By putting money into the college 529 savings plan, your contributions or money that you put in is all after tax. Then, whenever you go to pull that money out all the interest in the earnings that have accumulated from your contributions are completely tax free as long as you use those towards your kid's college education. Now that's important. If you end up pulling that money out for something other than college tuition or college-related expenses, you will be taxed and penalized on the interest earnings. But remember your contributions, the money that you put in are all after tax, so you can actually pull that money out at anytime and not incur any tax or penalties. If that sounds familiar it is very much like the Roth IRA, except this is purely used for college.
Просмотров: 24318 Wealth Hacker - Jeff Rose
Private School Tuition Now a Qualified Education Expense
 
03:53
The Tax Cuts and Jobs Act made changes to 529 Plans, allowing for withdrawals for private K-12 tuition. Fan and Follow Henssler Group: Facebook: http://on.fb.me/14IxKoA Twitter: http://bit.ly/13rGJbI LinkedIn: http://linkd.in/17n8uTI YouTube: http://bit.ly/ehBglQ
Просмотров: 263 HensslerFinancial
A College Savings Plan - 529 Plan Explained
 
03:53
A 529 Plan is a College Savings Plan that should be considered for every child. ★☆★ Subscribe: ★☆★ https://goo.gl/qkRHDf Investing Basics Playlist https://goo.gl/ky7CJq Investing Books I like: The Intelligent Investor - https://amzn.to/2PVhfEL Common Stocks & Uncommon Profits - https://amzn.to/2DAV8h9 Understanding Options - https://amzn.to/2T9gFSp Little Book of Common Sense Investing - https://amzn.to/2DfFGG2 How to Value Exchange-Traded Funds - https://amzn.to/2PWSkRg A Great Book on Building Wealth - https://amzn.to/2T8AKZ1 Dale Carnegie - https://amzn.to/2DDAk8w Effective Speaking - https://amzn.to/2DBncAT Equipment I Use: Microphone - https://amzn.to/2T7JxL6 Video Editing Software - https://amzn.to/2RQM1vE Thumbnail Editing Software - https://amzn.to/2qIUAgP Laptop - https://amzn.to/2T4xA8Z DISCLAIMER: I am not a financial advisor. These videos are for educational purposes only. Investing of any kind involves risk. Your investments are solely your responsibility. It is crucial that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments. Please consult your financial or tax professional prior to making an investment. #LearnToInvest #StocksToWatch #StockMarket
Просмотров: 2912 Learn to Invest
Withdrawing Assets from 529 Plans for Higher Education Expenses
 
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John Dickson, C.P.A., CVA, of Henssler Financial, explains how distributions from 529 Plans can be taken tax free, the documentation you should keep in case of an audit, and why coordinating your withdrawals with education tax credits is important. Fan and Follow Henssler Group -- Download the Henssler App. Facebook: http://on.fb.me/14IxKoA Twitter: http://bit.ly/13rGJbI LinkedIn: http://linkd.in/17n8uTI YouTube: http://bit.ly/ehBglQ iPhone App: http://bit.ly/13yiG9y Google Play: http://bit.ly/1cyGALf
Просмотров: 1402 HensslerFinancial
NC 529 Plan: How to withdraw funds for non-qualified expenses
 
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Watch more NC 529 Plan videos on saving for college: https://www.youtube.com/playlist?list=PLiFGBEf0h3BAx0onnBtg4qHAaaJIYeS5A http://www.nc529.org Subscribe to our YouTube Channel and be the first to see our latest tips on saving for college: https://www.youtube.com/channel/UCFqV-c7AF60-puRNgJbbefQ OTHER NC 529 CHANNELS Facebook: http://www.facebook.com/NC529Plan Twitter: http://twitter.com/MyNC529 Pinterest: https://www.pinterest.com/nc529/nc-529-college-savings-plan/ Website: http://www.CFNC.org Toll-free Phone support: 866-866-CFNC(2362) ABOUT THE NC 529 PLAN The NC 529® Plan gives you a tax-advantaged, straightforward way to start putting money aside for your child’s college future right now. With easy online or paper enrollment, you can start saving with as little as $25. Make future contributions regularly or periodically – your choice. Other family and friends can contribute too. North Carolina’s National College Savings Program (also called “NC 529 Plan”) is a program of the State of North Carolina. The program is maintained by the North Carolina State Education Assistance Authority as a qualified tuition program under federal tax law, and is administered by College Foundation, Inc. The NC 529 Plan is open to residents of any state. Account earnings are free from both federal and North Carolina income taxes when used to pay for qualified higher education expenses at virtually any college, anywhere in the country. Account owners enroll directly, without having to use brokers or financial advisors, and make their own investment choices from a variety of investment options. There are no enrollment fees or sales charges. Sign up for an NC 529 Plan today at http://www.nc529.org QUESTIONS? — questions@cfncresources.org (for questions about careers, academic planning, or admissions) — programinformation@cfi.org (for questions about financial aid, saving for college, or education loans) — CALL TOLL-FREE: 1-866-866-CFNC (2362) — OR MESSAGE US YOUR QUESTION ON FACEBOOK OR TWITTER! Facebook: http://www.facebook.com/NC529Plan Twitter: http://twitter.com/MyNC529
Просмотров: 397 College Foundation of North Carolina
New Tax Law Update: 529 Plan Expansion
 
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New Tax Law Update: 529 Plan Expansion Subscribe to stay up to date with the latest videos: http://www.youtube.com/user/DaveRamseyShow?sub_confirmation=1 Visit the Dave Ramsey store today for resources to help you take control of your money! https://goo.gl/gEv6Tj Welcome to The Dave Ramsey Show like you've never seen it before. The show live streams on YouTube M-F 2-5pm ET! Watch Dave live in studio every day and see behind-the-scenes action from Dave's producers. Watch video profiles of debt-free callers and see them call in live from Ramsey Solutions. During breaks, you'll see exclusive content from people like Rachel Cruze, and Chris Hogan, Christy Wright and Chris Brown —as well as all kinds of other video pieces that we'll unveil every day. The Dave Ramsey Show channel will change the way you experience one of the most popular radio shows in the country!
Просмотров: 49142 The Dave Ramsey Show
529 College Savings Plan Explained
 
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If you are in need of financial planning help you can learn more here. We're happy to help you reach your financial goals. http://bit.ly/sicklehuntermeeting 529 College Savings Plan is a tax-deferred investment account for college and K-12 schooling. 💸 FOR MORE FINANCIAL PLANNING & ASSET MANAGEMENT 💸 Try out our financial planning tool today. http://bit.ly/financial-planning-tool About Travis Sickle: https://www.sicklehunter.com/travis-t... twitter: @travissickle Instagram: https://www.instagram.com/travistsickle/ Company Website: https://www.sicklehunter.com twitter: @sicklehunterfa facebook: https://www.facebook.com/SickleHunterFA/ Travis Sickle CERTIFIED FINANCIAL PLANNER™ Sickle Hunter Financial Advisors 620 E Twiggs Street Suite 304 Tampa, FL 33609 TRAVIS T SICKLE, CFP®, AAMS®, CRPC®, RICP®, AIF® CERTIFIED FINANCIAL PLANNER™ Financial Advisor Tampa, FL
Просмотров: 2388 Sickle Hunter Financial Advisors
Picking the Right 529 Plan | Forbes
 
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This formula tells you whether you've got a bargain in your state's college savings plan.
Просмотров: 7574 Forbes
Georgia Qualified Education Expense Tax Credit Program
 
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Dan DiLuzio, C.P.A., a Tax Manager with Henssler Financial, explains Georgia’s Qualified Education Expense Tax Credit Program. Dan describes how you can apply for the credit, the major benefits of the credit and why it has become so popular. Fan and Follow Henssler Group -- Download the Henssler App Facebook: http://on.fb.me/14IxKoA Twitter: http://bit.ly/13rGJbI LinkedIn: http://linkd.in/17n8uTI YouTube: http://bit.ly/ehBglQ iPhone App: http://bit.ly/13yiG9y Google Play: http://bit.ly/1cyGALf
Просмотров: 164 HensslerFinancial
529 Plans and College Savings
 
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Happy belated #529Day, a day when states try to boost interest and participation in 529 education savings programs with various incentives. To mark the occasion, we have one of the foremost authorities on 529 plans, Andrea Feirstein, founder and Managing Director at AKF Consulting Group, a leading strategic advisor to public administrators of state investment programs. Andrea was extremely knowledgeable and we touched on several topics, including: -What is a 529? A tax-advantaged savings plan designed to encourage saving for future education costs. 529 plans are sponsored by states, state agencies, or educational institutions and are authorized by Section 529 of the Internal Revenue Code. -What’s the tax benefit of a 529 plan? Withdrawals for qualified higher education expenses and earnings in the account are not subject to federal income tax and, in most cases, state income tax. Additionally, some states offer residents of the state specific incentives, like the ability to deduct contributions from state income tax or a matching grant. -What does a 529 plan cost? Fees and expenses vary widely from plan to plan and can include start-up fees, maintenance fees, or sales charges. In general, advisor-sold plans cost more than direct-sold plans. The Financial Industry Regulatory Authority (FINRA) has developed a tool to help you compare how these fees and expenses can reduce returns. -What happens if my kid doesn’t go to college? Most states allow you to tap the accounts for other children in the family or even for the parents. Those withdrawals that are not used for qualified higher education expenses will be subject to state and federal income taxes and an additional 10 percent federal tax penalty on earnings. -What has changed with the 2018 tax law? Americans can now withdraw funds tax-free from 529 plans to pay for K-12 tuition and other eligible expenses at private and religious schools, up to $10,000 per year. But there’s a caveat: Not all states will conform to the new federal rules. That means before you pull money, be sure to double check with your state. Have a money question? Go to jillonmoney.com for all the contact info. We love feedback so please subscribe and leave us a rating or review in Apple Podcasts! Connect with me at these places for all my content: http://www.jillonmoney.com/ https://twitter.com/jillonmoney https://www.facebook.com/JillonMoney https://www.instagram.com/jillonmoney/ https://www.linkedin.com/in/jillonmoney/ http://www.stitcher.com/podcast/jill-on-money https://itunes.apple.com/us/podcast/better-off-jill-schlesinger/id431167790?mt=2 "Better Off" theme music is by Joel Goodman, www.joelgoodman.com.
Просмотров: 119 Jill Schlesinger
What happens if you have a 529 plan and your kid doesn't go to college? Or they get a scholarship?
 
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Want helpful, BS-free advice on college savings? Check out our interactive AboveBoard College Savings Guide: http://bit.ly/2ANghia
Просмотров: 7515 AboveBoard
What's the Best Way to Set Aside Funds for Future College Costs?
 
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http://www.ericksonfinancialsolutions.com (573) 874-3888 One way to plan for your children's college education is through a 529 plan, which is an education savings plan operated by a state or educational institution. The name 529 comes from section 529 of the Internal Revenue Code, which created these types of savings plans in 1996. Although your contributions are not deductible on your federal tax return, your investment receives tax-deferred treatment and qualified distributions to pay for the beneficiaries' college costs come out federally tax-free. Non-qualified withdrawals are subject to state income tax and a 10% penalty. College savings plans offered by each state differ significantly in features and benefits. The optimal plan for each investor depends on his or her individual objectives and circumstances. In comparing plans, each investor should consider each plan's investment options, fees and state tax implications. State tax deductions vary by the state of issuance. Plan assets are professionally managed either by the state Treasurer's office or by an outside investment company hired as the program manager. But you have some control over how your investment is managed. You may be able to change to a different option in a 529 savings program every year, although plan restrictions may apply. Everyone is eligible to take advantage of a 529 plan and the amounts you can put in are substantial. The availability of tax or other benefits may be conditioned on meeting certain requirements. 529 plans are subject to enrollment, maintenance, administrative and management fees and expenses. Per beneficiary plans can vary greatly and care should be given to fully understand your 529 plan before you invest. Let us help you decide which 529 plan is right for you. Give us a call today. https://youtu.be/1bBIVSUpBGg?list=PL5PObFhC3MzlyNDqMgaSLIIjW7nVBgywI
Просмотров: 30 Steven Erickson
College Savings Plans Don't Work.  Learn how to save ON college, not just FOR college.
 
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College savings plans don't work. With rising inflation, it's important to save ON college, not just FOR college. Learn how! ================================== Make sure not to miss a video from Chris! Click here to subscribe: http://www.youtube.com/subscription_c... ========================================­==== https://www.LIFE180.com ========================================­==== Why just save FOR college, when you can save ON college?! Learn the secrets thousands of families are using to avoid costly mistakes selecting, applying and paying for school. This free training reveals secrets thousands of parents are using to avoid costly traps & pitfalls! (explained with fun, colorful slides!) It will debunk common, yet crushing, myths, such as: ~ "My 529 plan is good enough" ~ "We can't afford a school like that" ~ "I make too much to qualify for financial aid" ~ "My guidance counselor / financial advisor is helping - so we're all set" and more, to help parents maximize time, money and energy on preparing for, selecting, and paying for college...not sacrificing their own future unnecessarily. There ARE alternatives, and our passion is empowering parents like you - all incomes, savings levels, and ages. During This Webinar You Will Discover Secrets No Family Can Afford To Miss If everything you thought to be true about saving for college turned out not to be, when would YOU want to know? If the answer is "yesterday", you're in the right place! ~ Learn how to combat the rising costs of college, no matter your income! ~ Learn key financial aid terms & acronyms, so you can outsmart college salespeople. ~ Learn how NEVER to pay retail for school. ~ Debunk the 6 greatest myths about qualifying for financial aid (you'll be amazed!) ~ Discover how need-based aid is calculated - and why it's important ~ Develop a process for selecting, applying, and paying that can save you tens of thousands! ~ Secrets thousands of parents are using to pay for college without eroding retirement! ~ Why "savings "vehicles like "529 PLANS" aren't what you think - and may leave you high & dry and much, much more! ========================================­====== Chris Kirkpatrick "The Safe-Bet Money Guy" www.LIFE180.com Facebook: Facebook.com/life180llc Follow our LIFE180 Roadmap to Financial Success Course and learn how to structure your life like the wealthy: life180.com/3videos https://youtu.be/4chBFMZqJrc College Savings Plans don't work
Просмотров: 4723 LIFE180: Leading Into Financial Excellence
What is a qualified expense?
 
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529 plan withdrawals must be spent on qualified higher education expenses in order to avoid taxes and penalties. Learn which purchases are considered qualified.
Просмотров: 9354 saving4college
Saving for College - 529 Plan Vs. Educational IRA
 
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Do you have a child or grandchild & you have several years before college, but you are already worried how you will pay for it? Let’s discuss two great options for this purpose: a 529 Plan and an Educational IRA – they are similar, however each has specific features that are appealing Let's look at each individually. What is a 529 Plan? It is a qualified tuition program designed specifically to save for college. It was created by Section 529 of the Internal Revenue Code. What are the benefits of a 529? Tax-deferred growth on earnings and federal income tax free distributions. There are unlimited contributions and no age limitations. What are the limitations of a 529? The funds must be used for higher education, they cannot be used for high school or grade school. How does a 529 work? A person (account holder) opens an account and he/she can make a lump sum deposit or automatic deposits on a regular basis and then select investment options. The account holder will designate a beneficiary for whom the funds will be used to pay for qualified higher education expenses. What can the funds be used for? The funds can be used for any qualified higher education expense including, but not limited to: tuition, books, fees, room & board, and laptops. What is an Educational IRA? It is a qualified tuition program designed specifically to save for college. The Educational IRA is also known as Coverdell IRA. What are the benefits of an Educational IRA? Tax-deferred growth on earnings and federal income tax free distributions. Funds can be used for private schooling between the age of 1 – 12. What are the limitations of an Educational IRA? Annual contribution maximum of $2,000, and could possibly be less depending on income. All contributions must be taken by age 30. How does an Educational IRA work? A person (account holder) opens an account and he/she can make a lump sum deposit or automatic deposits on a regular basis and then select investment options. The account holder will designate a beneficiary for whom the funds will be used to pay for qualified higher education expenses. What can the funds be used for? The funds can be used for any qualified higher education expense including, but not limited to: tuition, books, fees, room & board, and laptops, and can also be used for private schooling between the age of 1-12. In summary, there are two main differences. 529 Plan is for Higher Education Only and an Educational IRA is for Higher Education or Private School 529 Plan has no annual maximum contributions and Educational IRA's have maximum contribution limits. If you have questions about either of this types of college savings, give us a call and we can set up an appointment for you to discuss them with our Investment Specialist – Paula.
Просмотров: 6983 Kelly Community Federal Credit Union
Timing the Market + 529 Plans and College Savings
 
01:14:01
Buying a home can seem like a daunting task, especially when you're doing it in a city like New York, where prices always seem to go up and never down. That's how we kicked off the show this week with Chris, a recent transplant from Chicago looking to find a new home in the Big Apple.  Next up was Jeff from Georgia who has the bright idea of timing the market. You know, buying low and selling high, and knowing exactly when it's going to happen!  Hour two was a deep dive into 529 plans and college savings in general with one of the foremost authorities on 529 plans, Andrea Feirstein, founder and Managing Director at AKF Consulting Group, a leading strategic advisor to public administrators of state investment programs. Andrea was extremely knowledgeable and we touched on several topics, including: What is a 529? A tax-advantaged savings plan designed to encourage saving for future education costs. 529 plans are sponsored by states, state agencies, or educational institutions and are authorized by Section 529 of the Internal Revenue Code. What’s the tax benefit of a 529 plan? Withdrawals for qualified higher education expenses and earnings in the account are not subject to federal income tax and, in most cases, state income tax. Additionally, some states offer residents of the state specific incentives, like the ability to deduct contributions from state income tax or a matching grant. What does a 529 plan cost? Fees and expenses vary widely from plan to plan and can include start-up fees, maintenance fees, or sales charges. In general, advisor-sold plans cost more than direct-sold plans. The Financial Industry Regulatory Authority (FINRA) has developed a tool to help you compare how these fees and expenses can reduce returns. What happens if my kid doesn’t go to college? Most states allow you to tap the accounts for other children in the family or even for the parents. Those withdrawals that are not used for qualified higher education expenses will be subject to state and federal income taxes and an additional 10 percent federal tax penalty on earnings. What has changed with the 2018 tax law? Americans can now withdraw funds tax-free from 529 plans to pay for K-12 tuition and other eligible expenses at private and religious schools, up to $10,000 per year. But there’s a caveat: Not all states will conform to the new federal rules. That means before you pull money, be sure to double check with your state. Have a money question? Go to jillonmoney.com for all the contact info. Connect with me at these places for all my content: http://www.jillonmoney.com/ https://twitter.com/jillonmoney https://www.facebook.com/JillonMoney https://www.instagram.com/jillonmoney/ https://www.linkedin.com/in/jillonmoney/ http://www.stitcher.com/podcast/jill-on-money https://itunes.apple.com/us/podcast/better-off-jill-schlesinger/id431167790?mt=2 "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Просмотров: 311 Jill Schlesinger
3 Tips to making the most of your 529 savings
 
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Want to increase your chances of reaching your college savings goals? Watch our video and find out how. Learn more at http://www.nysaves.org. PROGRAM INFORMATION Investment returns are not guaranteed, and you could lose money by investing in the Direct plan. This Web site contains links to other Web sites as a convenience to users. However none of the Program; The New York State Office of the State Comptroller; the New York State Higher Education Services Corporation; The Vanguard Group, Inc.; Ascensus College Savings, Inc.; nor any of their affiliates endorses or takes any responsibility for any such Web site or for any information contained thereon, except, in each case, with respect to their own Web sites. Before investing in any 529 plan, you should consider whether your or the beneficiary's home state offers a 529 plan that provides its taxpayers with favorable state tax and other benefits that are only available through investment in the home state's 529 plan. You also should consult your financial, tax, or other adviser to learn more about how state-based benefits (or any limitations) would apply to your specific circumstances. You also may wish to contact your home state's 529 plan(s), or any other 529 plan, to learn more about those plans' features, benefits and limitations. Keep in mind that state-based benefits should be one of many appropriately weighted factors to be considered when making an investment decision. The Comptroller of the State of New York and the New York State Higher Education Services Corporation are the Program Administrators and are responsible for implementing and administering the Direct Plan. Neither the State of New York nor its agencies insures accounts or guarantees the principal deposited in those accounts or any investment returns on any amount or investment portfolio. Ascensus Broker Dealer Services, Inc., and Ascensus Investment Advisors, LLC, serve as Program Manager and Recordkeeping and Servicing Agent, respectively, and are responsible for day-to-day operations. The Vanguard Group, Inc., serves as the Investment Manager. Vanguard Marketing Corporation markets, distributes, and underwrites the Direct Plan. New York's 529 College Savings Program currently includes two separate 529 plans. The Direct Plan is sold directly by the Program. You may also participate in the Advisor Plan, which is sold exclusively through financial advisors and has different investment options and higher fees and expenses as well as financial advisor compensation. The Ascensus College Savings logo is a registered service mark of Ascensus Broker Dealer Services, Inc. Vanguard and the ship logo are trademarks of The Vanguard Group, Inc. For more information about New York's 529 College Savings Program Direct Plan, download a Disclosure Booklet and Tuition Savings Agreement or request one by calling 1-877-NYSAVES. This document includes investment objectives, risks, charges, expenses, and other information. You should read and consider them carefully before investing. The Program Administrators, the Program Manager and Vanguard, and their respective affiliates do not provide legal or tax advice. This information is provided for general educational purposes only. This is not to be considered legal or tax advice. Investors should consult with their legal or tax advisors for personalized assistance, including information regarding any specific state law requirements.
Просмотров: 43566 NY529Direct
'Here's what you can buy with your 529 plan savings' Animation
 
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529 plans offer some great tax benefits, but only if the funds are used toward qualified higher education expenses. Find out what's considered qualified.
Просмотров: 2295 saving4college
College Savings Plans: Coverdell vs 529 Plan
 
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http://www.savingforcollege.com In this Q&A episode with Joe, the "529 Guru", we discuss the hotly talked Coverdell savings account and how it matches up to the traditional 529 Plan. There are many advantages and a couple of areas to look for, so check it out!
Просмотров: 15160 saving4college
529 Qualified Tuition Plans: While-You-Wait Investing
 
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529 Qualified Tuition Plans help parents to save for their child's education by providing tax relief for school expenses. With recent tax reform changes, this now includes primary and secondary education in addition to savings for college. Find out how you might be able to leverage a 529 with the help of our advisors. Personal Capital transforms financial lives through technology and people. Free online tools create total clarity with all your accounts in one place. Expert advisors provide unconflicted advice you can easily understand. The result is complete confidence in how you plan for and achieve your financial goals. For more information or to sign up, visit personalcapital.com. Connect with us: Facebook: https://www.facebook.com/PersonalCapital/ LinkedIn: https://www.linkedin.com/company/personal-capital/ Twitter: https://twitter.com/PersonalCapital
Просмотров: 101 Personal Capital
What's the Best Way to Set Aside Funds for Future College Costs?
 
02:17
http://www.eafsi.com (503) 537-2995 Securities and Advisory services offered through LPL Financial, a Registered Investment Advisory Member, FINRA/SIPC. One way to plan for your children's college education is through a 529 plan, which is an education savings plan operated by a state or educational institution. The name 529 comes from section 529 of the Internal Revenue Code, which created these types of savings plans in 1996. Although your contributions are not deductible on your federal tax return, your investment receives tax-deferred treatment and qualified distributions to pay for the beneficiaries' college costs come out federally tax-free. Non-qualified withdrawals are subject to state income tax and a 10% penalty. College savings plans offered by each state differ significantly in features and benefits. The optimal plan for each investor depends on his or her individual objectives and circumstances. In comparing plans, each investor should consider each plan's investment options, fees and state tax implications. State tax deductions vary by the state of issuance. Plan assets are professionally managed either by the state Treasurer's office or by an outside investment company hired as the program manager. But you have some control over how your investment is managed. You may be able to change to a different option in a 529 savings program every year, although plan restrictions may apply. Everyone is eligible to take advantage of a 529 plan and the amounts you can put in are substantial. The availability of tax or other benefits may be conditioned on meeting certain requirements. 529 plans are subject to enrollment, maintenance, administrative and management fees and expenses. Per beneficiary plans can vary greatly and care should be given to fully understand your 529 plan before you invest. Let us help you decide which 529 plan is right for you. Give us a call today. https://www.youtube.com/watch?v=eHv-h_KwbXE&index=8&list=PLJ9XTsty5AXASP7A02AS0KpKTUOwX3VLg&t=0s
Просмотров: 15 Diane Edwards
What's the Best Way to Set Aside Funds for Future College Costs?
 
02:13
http://www.corlettfinancial.com (619) 261-2248 Watch our next webcast to discover how to use whiteboard videos like this to grow your financial advisory practice: http://events.faclientmachine.com/ One way to plan for your children's college education is through a 529 plan, which is an education savings plan operated by a state or educational institution. The name 529 comes from section 529 of the Internal Revenue Code, which created these types of savings plans in 1996. Although your contributions are not deductible on your federal tax return, your investment receives tax-deferred treatment and qualified distributions to pay for the beneficiaries' college costs come out federally tax-free. Non-qualified withdrawals are subject to state income tax and a 10% penalty. College savings plans offered by each state differ significantly in features and benefits. The optimal plan for each investor depends on his or her individual objectives and circumstances. In comparing plans, each investor should consider each plan's investment options, fees and state tax implications. State tax deductions vary by the state of issuance. Plan assets are professionally managed either by the state Treasurer's office or by an outside investment company hired as the program manager. But you have some control over how your investment is managed. You may be able to change to a different option in a 529 savings program every year, although plan restrictions may apply. Everyone is eligible to take advantage of a 529 plan and the amounts you can put in are substantial. The availability of tax or other benefits may be conditioned on meeting certain requirements. 529 plans are subject to enrollment, maintenance, administrative and management fees and expenses. Per beneficiary plans can vary greatly and care should be given to fully understand your 529 plan before you invest. Let us help you decide which 529 plan is right for you. Give us a call today. https://youtu.be/qVm9GeBV-Fk
Просмотров: 18 Jill Addison
What Educational Expenses Are Tax Deductible? TurboTax Tax Tip Video
 
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https://turbotax.intuit.com What Educational Expenses Are Tax Deductible? If you or your spouse are currently a student, or if you can claim a dependent who is, there are a few options to reduce your taxable income this year. Learn all about common tax deductible education-related costs, including work-related education expenses, filing IRS Form 8917 and how you may qualify for the tuition and fees deduction, and other tips for filing taxes that include educational expense tax deductions in this helpful TurboTax tax tip video. Subscribe! https://www.youtube.com/subscription_center?add_user=turbotax TurboTax Home: https://turbotax.intuit.com TurboTax Support: https://ttlc.intuit.com/ TurboTax Blog: http://blog.turbotax.intuit.com TurboTax Twitter: https://twitter.com/turbotax TurboTax Facebook: https://www.facebook.com/ TurboTax Pinterest: https://www.pinterest.com/turbotax/ TurboTax Tumblr: http://turbotax.tumblr.com/ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Video Transcript: Hello, I'm Arye from TurboTax with some information about what education expenses are tax deductible. If you or your spouse are currently a student, or if you can claim a dependent who is, there are a few options to reduce your taxable income. One: The tuition and fees deduction for qualified education expenses can reduce your taxable income by up to $4,000, even if you don't itemize your deductions. You likely qualify unless you’re above the IRS's income threshold or if you are married and file separately. How much you can deduct will be based on your modified adjusted gross income, also known as your MAGI. If you use TurboTax, we can help determine if you’re eligible and calculate how much you can deduct. Two: If you're taking courses because your employer or a government agency requires it, you may also consider taking a deduction, although you'll need to itemize your deductions on Schedule A. You can only deduct the amount that exceeds 2% of your adjusted gross income. So if 2% of your adjusted gross income is $1000 and you paid $1500 for courses, you can claim $500. You can claim the deduction whether you pay using personal funds or student loans. Tip three: You may be able to deduct courses you take that maintain or improve skills needed for your work. For example: If you repair televisions, you can deduct courses you take to keep up with the latest changes in television repair. For more information about this and other tax topics, visit TurboTax.com.
Просмотров: 22281 TurboTax
Section 529 Plans vs. Coverdell Education Savings Accounts
 
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This video compares and contrasts Section 529 Plans and Coverdell Education Savings Accounts (ESAs). Both 529 Plans and Coverdell ESAs are tax-advantaged ways to save money for a person's education. Contributions are not generally tax-deductible, and earnings grow tax-free provided they are later used for qualified education expenses. There are several differences between 529 Plans and Coverdell ESAs, however. While Coverdell ESAs can be used for elementary, secondary (high school), or higher education (college) expenses, 529 Plans can only be used for higher education expenses. With Coverdell ESAs, the beneficiary (the student who is getting to use the funds for his or her education expenses) can only receive up to $2,000 annually regardless of how many people contribute to the account. 529 Plans do not have such a restriction, although a maximum investment amount will be set by the 529 Plan in question (different states have different 529 Plans with different rules). Contributions to Coverdell ESAs must be made before the beneficiary turns 18 years old, and withdrawals must be made on or before the beneficiary's 30th birthday (529 Plans do not have an age or time limit restriction). The amount a person can contribute to a Coverdell account begins to phase out when he or she reaches a certain level of modified adjusted gross income, while 529 Plans have no income restrictions. With 529 Plans, however, the investments are typically set by the plan; Coverdell ESAs provide the contributor with greater flexibility in deciding how the money is invested. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin This video was funded by a Civic Engagement Fund grant from the Gephardt Institute for Civic and Community Engagement at Washington University in St. Louis.
Просмотров: 2258 Edspira
Wisconsin 529 Plan - What You Need To Know
 
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Any time I talk to clients about saving for their child's college education, we end up discussing 529 plans. 529 plans are state-based college savings accounts. The difficult part is that every state has their own 529 plan, and therefore their own rules associated with their plan. Every state is different, so you will have to do a lot of homework on your state's plan. In Wisconsin, our 529 plan is called Edvest. Although the state actually controls the plan, they have to hire a company to administer and run it. Edvest recently moved from Wells Fargo to TIAA-CREF, which has made the plan much more attractive. The mutual fund fees at TIAA-CREF are significantly lower, which means more money will stay in your account - which is something I always consider to be a good thing! What are the tax benefits of a 529 plan? In Wisconsin, you can deduct up to $3,000 of contributions per beneficiary. Married couples do not get to deduct $3,000 each... it is $3,000 total. If you have 3 children, you can deduct up to $9,000 in a year. Unfortunately, there is NO federal income tax deduction for contributions to 529 plans. Growth within the 529 plan is never taxed, assuming you use the money for eligible college expenses. Any earnings NOT spent on eligible college expenses will be subject to federal and state taxes, plus a 10% penalty. What if my kid doesn't go to college? As the account owner, you can change the beneficiary once per year. So, if your child decides not to go to college, you can simply change the beneficiary to another child, niece/nephew, or even yourself! But my child is really smart - I bet they will get a scholarship! Wisconsin's 529 plan allows you to withdraw money tax AND penalty free up the scholarship awarded. If Suzy receives a $10,000 scholarship, you can simply withdrawal $10,000 from the 529 plan that year. Another option is to leave the money in the plan for graduate school expenses. What are eligible college expenses? According to the Edvest website, eligible expenses include "tuition, fees, and the cost of books, supplies... and certain room and board expenses." Certain room and board has a lengthy definition, but if the student is full-time, you can use the 529 plan to cover the costs.. How should I invest money in the plan? If you assume that college expenses will continue to go up the way they have been, then growth within the plan will be essential just to keep up with inflation. The Edvest plan has a couple of age-based options that use index funds and have very low costs. I recommend taking a look at the "Age-Based Option" or the "Aggressive Age-Based Option". These will automatically lower the amount you have in stocks as the child approaches college age. So do I always recommend 529 plans? No... I am a big believer that your emergency fund should be completely funded, and you should be saving properly for retirement before considering using a 529 plan. Although you have some flexibility, it does lock up the funds for college costs so if you ever needed to money for other expenses, you will be heavily penalized. I'm also not convinced college education will continue to look how it does today for too much longer. With the creation of free, high-quality college credit classes such as Coursera, I believe we will see sweeping changes in education over the next several years. Regrettably, I don't have a crystal ball so we have to plan for what we know today, and make adjustments as we go! If you are thinking about opening a 529 plan in Wisconsin, check out www.Edvest.com. They have a great website with a lot of useful information on there. Have you ever opened a 529 plan for your kids or grandkids? Would love to hear what your thoughts are on the plan!
Просмотров: 2080 Alan Moore
NC 529 Plan: What is a "qualified withdrawal?"
 
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Watch more NC 529 Plan videos on saving for college: https://www.youtube.com/playlist?list=PLiFGBEf0h3BAx0onnBtg4qHAaaJIYeS5A http://www.nc529.org Subscribe to our YouTube Channel and be the first to see our latest tips on saving for college: https://www.youtube.com/channel/UCFqV-c7AF60-puRNgJbbefQ OTHER NC 529 CHANNELS Facebook: http://www.facebook.com/NC529Plan Twitter: http://twitter.com/MyNC529 Pinterest: https://www.pinterest.com/nc529/nc-529-college-savings-plan/ Website: http://www.CFNC.org Toll-free Phone support: 866-866-CFNC(2362) ABOUT THE NC 529 PLAN The NC 529® Plan gives you a tax-advantaged, straightforward way to start putting money aside for your child’s college future right now. With easy online or paper enrollment, you can start saving with as little as $25. Make future contributions regularly or periodically – your choice. Other family and friends can contribute too. North Carolina’s National College Savings Program (also called “NC 529 Plan”) is a program of the State of North Carolina. The program is maintained by the North Carolina State Education Assistance Authority as a qualified tuition program under federal tax law, and is administered by College Foundation, Inc. The NC 529 Plan is open to residents of any state. Account earnings are free from both federal and North Carolina income taxes when used to pay for qualified higher education expenses at virtually any college, anywhere in the country. Account owners enroll directly, without having to use brokers or financial advisors, and make their own investment choices from a variety of investment options. There are no enrollment fees or sales charges. Sign up for an NC 529 Plan today at http://www.nc529.org QUESTIONS? — questions@cfncresources.org (for questions about careers, academic planning, or admissions) — programinformation@cfi.org (for questions about financial aid, saving for college, or education loans) — CALL TOLL-FREE: 1-866-866-CFNC (2362) — OR MESSAGE US YOUR QUESTION ON FACEBOOK OR TWITTER! Facebook: http://www.facebook.com/NC529Plan Twitter: http://twitter.com/MyNC529
Просмотров: 526 College Foundation of North Carolina
College Savings (529) Plans: More Than Just College
 
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College Savings (529) Plans 📚🎓 - Start Investing Early! The biggest benefit of using a College Savings 529 Plan is the tax-free growth which is why it is so important to start investing early. The combination of compounding and tax-free growth has your money 💵💲 working really hard for you. As long as you spend the money on qualified education expenses the withdrawals are not taxed. Below you can find the link that leads to the IRS' Q&A page for 529 Plans to get some more of your questions answered. If you have an additional questions just message me or comment below. https://www.irs.gov/newsroom/529-plans-questions-and-answers
Просмотров: 14 Maryland Financial Advocates
Whats the Best Way to Set Aside Funds for Future College Costs?
 
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http://www.americancapitalplanning.com (703) 771-0905 One way to plan for your children's college education is through a 529 plan, which is an education savings plan operated by a state or educational institution. The name 529 comes from section 529 of the Internal Revenue Code, which created these types of savings plans in 1996. Although your contributions are not deductible on your federal tax return, your investment receives tax-deferred treatment and qualified distributions to pay for the beneficiaries' college costs come out federally tax-free. Non-qualified withdrawals are subject to state income tax and a 10 percent penalty. College savings plans offered by each state differ significantly in features and benefits. The optimal plan for each investor depends on his or her individual objectives and circumstances. In comparing plans, each investor should consider each plan's investment options, fees and state tax implications. State tax deductions vary by the state of issuance. Plan assets are professionally managed either by the state Treasurer's office or by an outside investment company hired as the program manager. But you have some control over how your investment is managed. We can review your investment choices each year. Everyone is eligible to take advantage of a 529 plan and the amounts you can put in are substantial. The availability of tax or other benefits may be conditioned on meeting certain requirements. 529 plans are subject to enrollment, maintenance, administrative and management fees and expenses. Since plans can vary greatly, care should be given to fully understand your 529 plan before you invest. Let us help you decide which 529 plan is right for you. Give us a call today. https://youtu.be/O58E1dofQiQ?list=PLHU336IWeeGgWWNnayX1xLK85Xdk8_FPK
Просмотров: 948 Bonnie Sewell
ESA vs. 529 Plans
 
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Educational Savings Accounts and 529 Plan are great ways to handle upcoming expenses for school. Deciding which one is the best to use really depends on a few factors. In this video Financial Coaching Ken E. Griffin breaks down some of those differences.
Просмотров: 241 Inheritance Financial Coaching
Illinois 529 Plan (Bright Start) Review and Tips on college savings!!
 
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This is a quick review of Illinois Bright Start Savings Account. Most of the video breaks down the importance of investing for your child's college expenses. These accounts allow you to invest and gain TAX FREE growth. These accounts can ONLY be used towards college expenses. If they are used to pay for anything else, there will be a 10% penalty and additional fees for withdrawing. Feel free to contact me at: DanTheMentor.com Email: DanTheMentor@yahoo.com @danteriousowens on Twitter @Dan Owens on Facebook @Dan Owens on Snapchat To sign up with betterment use code: betterment.com/invite/danteriousowens Links to a few brokerages I use to invest: betterment.com/invite/danteriousowens acorns.com/invite/8DBBKD https://get.stashinvest.com/danteri7tfim https://share.robinhood.com/dantero1 To buy Bitcoin and receive $10, use my referral link below. Disclosure: I do receive commission on each referral. https://www.coinbase.com/join/594d6a68a1032f07253407a8
Просмотров: 1384 Dan The Mentor
What is 529 PLAN? What does 529 PLAN mean? 529 PLAN meaning, definition & explanation
 
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What is 529 PLAN? What does 529 PLAN mean? 529 PLAN meaning - 529 PLAN definition - 529 PLAN explanation. Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license. A 529 plan is a tax-advantaged investment vehicle in the United States designed to encourage saving for the future higher education expenses of a designated beneficiary. 529 plans are named after section 529 of the Internal Revenue Code 26 U.S.C. § 529. While most plans allow investors from out of state, there can be significant state tax advantages and other benefits, such as matching grant and scholarship opportunities, protection from creditors and exemption from state financial aid calculations for investors who invest in 529 plans in their state of residence. There are two types of 529 plans, prepaid plans and savings plans. Prepaid Plans Prepaid plans allow one to purchase tuition credits at today's rates to be used in the future. Therefore, performance is based upon tuition inflation. Prepaid plans may be administered by states or higher education institutions. Currently, 10 states provide a prepaid tuition plan that is accepting new applicants. Those states include Florida, Illinois, Maryland, Massachusetts, Michigan, Nevada, Pennsylvania, Texas, Virginia, and Washington. Savings Plans Savings plans are different in that all growth is based upon market performance of the underlying investments, which typically consist of mutual funds. Most 529 savings plans offer a variety of age-based asset allocation options where the underlying investments become more conservative as the beneficiary gets closer to college age. Savings plans may be administered by states only. Although states administer savings plans, record-keeping and administrative services for many savings plans are usually delegated to a mutual fund company or other financial services company. With the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), 529 plans gained their current prominence and tax advantages. Qualified distributions from 529 plans for qualified higher education expenses are exempt from federal income tax. Legislation introduced in the U.S. House of Representatives in 2011 by Congresswoman Lynn Jenkins, (R-KS) and Congressman Ron Kind, (D-WI) that would include 529 plan contributions in the SAVERs tax credit, make permanent the inclusion of computers as a qualified expense, provide for four annual investment direction changes and provide employers with an incentive to contribute to the 529 plans of their employees. There are many advantages to the 529 plan: First, although contributions are not deductible from the donor's federal income tax liability, many states provide state income tax deductions for all or part of the contributions of the donor. Beyond the potential state income tax deduction possibilities, a prime benefit of the 529 plan is that the principal grows tax-deferred and distributions for the beneficiary's college costs are exempt from tax. Many states give the account owner a full or partial state income tax deduction for their contributions to the state's section 529 plans. So far a total of 34 states and the District of Columbia offer such a deduction. California, Delaware, Hawaii, Kentucky, Massachusetts, Minnesota, New Jersey and Tennessee currently have state income taxes but do not offer a state income tax deduction or tax credit for contributions to the state's 529 college savings plan. Alaska, Florida, Nevada, South Dakota, Texas, New Hampshire, Washington and Wyoming do not have state income taxes. Contributions to other states' section 529 plans are generally not deductible in your home state. Only Pennsylvania, Arizona, Maine, Missouri and Kansas provide for state tax parity, where contributions to any state plan are eligible for the state's income tax deduction. Second, the donor maintains control of the account. With few exceptions, the named beneficiary has no rights to the funds. Most plans even allow you to reclaim the funds for yourself any time you desire, no questions asked....
Просмотров: 1966 The Audiopedia
Options For Money Left Over In College 529 Plans
 
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If there is money left over in your child's college savings account you have a few option. You can use the account for another child, take the cash, or reserve the account for a future grandchild. Cashing the account out could result in taxes and penalities so it important to know all of your options. Disclosure: Potential investors of 529 plans may get more favorable tax benefits from 529 plans sponsored by their own state. Consult your tax professional for how 529 tax treatments and account fees would apply to your particular situation. To determine which college saving option is right for you, please consult your tax and accounting advisors. Neither APFS nor its affiliates or financial professionals provide tax, legal or accounting advice. Please carefully consider investment objectives, risks, charges, and expenses before investing. For this and other information about municipal fund securities, please obtain an offering statement and read it carefully before you invest. Investments in 529 college savings plans are neither FDIC insured nor guaranteed and may lose value.
529 College Savings Plan vs. Permanent Life Insurance
 
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DISCLOSURE: Tax benefits and plan options are subject to change state to state. Consult your legal or tax professional in your respective state for additional details. How do you save for your children's college education? When you make contributions to a 529 plan, you do not get a tax deduction, but you do get tax-deferred growth and if used for a qualified education expense, the distributions are tax-free. The 529 plan does have its limitations. If you don't use that money for a qualified educational expense, the owner is subject to a 10% IRS penalty if you take the distributions before the age of 59 1/2. After age 59 1/2, those gains are subject to taxation. What's the alternative? Let's consider a traditional permanent life insurance policy. You don't get a tax deduction for premium payments, but you do get tax-deferred growth and tax-free distributions just the same as a 529 plan. That's where the similarities end. Whether or not I use the money from the cash value for college education, I can take that money tax-free. So if your scholar doesn't go to college or gets a full scholarship, that money can be used for anything. Also, when you fill out financial aid documents, you are asked how much money you have in a 529 plan, but you are not asked how much cash value you have in a life insurance policy. So what's better? It all depends on the client and their situation. If someone was going to make a ONE-TIME contribution, a 529 plan could be the way to go. If you plan on making consistent annual contributions, then a permanent life insurance policy may be the way to go. Why? Because you have a non-correlated asset class, free of stock market risk and volatility with a predictable outcome.
Просмотров: 3152 The Taylor Method
Everything You Should Know About 529 College Savings Plans with Abby Chao
 
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CollegeBacker helps parents open tax-advantaged 529 College Savings Plans in minutes, and then invite family and friends to contribute. Plus, with CollegeBacker Gifts, anyone can kickstart a child’s college fund. His and Her Money Show listeners can enjoy a special promotion from College Backer. If you start saving and put $20, they will put additional $20. You just need to go to https://collegebacker.com/hisandhermoney to receive this free gift. 💥 Download our Free PDF: 8 Essential Steps To Getting Out of Debt 👉🏾 http://www.hisandhermoney.com/8-steps ---------- ❤️ Don't Forget To Subscribe! ---------- ✅ Our Book - Money Talks: The Ultimate Couples Guide to Communicating about Money - http://amzn.to/1IOjDPT ---------- ✅ Enroll In Our Course "Teach Me How To Budget" - https://goo.gl/V13zu7 ---------- ✅ Join Our FREE Smart Money Couples Private Group: http://bit.ly/1KlBxKv ---------- ✅ Speaking/Booking: Want to bring Talaat & Tai out to speak at your church or your event? Email - Bookings@HisandHerMoney.com ---------- Connect with His and Her Money: ►W E B S I T E: http://www.hisandhermoney.com/ ►I N S T A G R A M: http://instagram.com/hisandhermoney ►F A C E B O O K: https://www.facebook.com/hisandhermoney ►T W I T T E R: https://twitter.com/HisandHerMoney ►P O D C A S T (iTunes): https://itunes.apple.com/us/podcast/the-his-her-money-podcast/id932630328 Disclosure: Links contain affiliates. When you buy through one of our links we will receive a commission. This is at no cost to you. Thank you for supporting His and Her Money and allowing us to continue to bring you valuable content.
Просмотров: 1160 His And Her Money
'What is a 529 plan?' Animation
 
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http://www.savingforcollege.com A 529 plan is an investment account designed to help families save for college. 529 plans offer many unique benefits. Just like a Roth IRA, the earnings on funds in 529 account will grow tax free throughout the life of the account. Some states even offer a tax deduction for 529 contributions. When it's time to pay college tuition, funds may be withdrawn from a 529 account tax free - as long as the money is used to pay for qualified higher education expenses. Use the College Savings Planner to help you find the 529 plan that's right for you: http://bit.ly/1JlolFL
Просмотров: 107106 saving4college
529 Plan
 
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Disadvantages * 529 plans charge various fees and expenses to cover investment expenses and the administration of your account * Withdrawals from a 529 plan that are not used for the beneficiary's qualified education expenses are taxed and penalized (the earnings portion of the withdrawal is subject to a 10 percent federal penalty and is taxed at the income tax rate of the person who receives the withdrawal) * For college savings plans, your investment choices are limited to the pre-established investment portfolios offered by the plan; prepaid tuition plans give you no opportunity to choose your investments * You are generally limited to the prepaid tuition plan offered by your state of residence * Prepaid tuition plans are generally designed to pay the undergraduate tuition (but not room and board) costs at in-state public colleges, so the beneficiary won't get the maximum benefits under the plan if he or she attends a private or out-of-state college * Prepaid tuition plans generally require that all tuition credits be used before the beneficiary reaches age 30, and all withdrawals completed within 10 years of the time the beneficiary starts college * College savings plans don't guarantee your return and are subject to risk--you could lose some or all of the money you've contributed * College savings plans aren't legally required to let you change the investment option on your existing contributions once per calendar year or allow you to choose a new investment option for any future contributions (though most plans do give you this flexibility)
Просмотров: 17 Jackie Whitehead
529 College Savings Plan: What happens to my 529 if my child gets a scholarship?
 
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http://www.savingforcollege.com In this Q&A episode with Joe, the "529 Guru", we understand the implications of a scholarship on our ability to withdraw from a 529 (spoiler alert: it's good news!).
Просмотров: 12980 saving4college
Saving for College with a 529 Savings Plan - Money Matters | Mountain America Credit Union
 
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Lori: This is a money Monday and student loans, debt, tuition, all those can be terrifying things if you have a student going to college. On this money Monday we're talking with Nanette Graviet from Mountain America Credit Union. Talking about saving for college with the 529 plan and how you can do it even if you have young children right now. You hear a lot about these 529's, explain to people what they are. Nanette Graviet: I think we can all agree that tuition cost are not going down so it's best to start early and to get the most bang for your buck. The 529 is a tax advantage opportunity to save for those future tuition cost. Now the legal term is a qualified tuition plan. They're sponsored by the various states. The state of Utah, or different state agencies, or the educational entities that are named in the IRS code, section 529, similar to how a 401K plan derives it's name. That's where the 529 gets it's name as well. Lori: You can think of it in terms of a 401K for your college, your son or daughters college education. Nanette Graviet: Yes. There's tax advantages to them. Lori: Where do we start? What about the savings plans here in Utah? Nanette Graviet: Utah has what's called the Utah Education Savings Plan and it's a fabulous plan. UESP is the only one that is designated by the state of Utah. They sponsor that program. It's a great opportunity if you’re looking to set aside money for those educational expenses once you've named a beneficiary. Lori: How do you if a 529 is right for you and your family? Nanette Graviet: The best way to find out is truly to meet with a financial advisor or a tax advisor. Then you’re going to want to look at your current situation. Are you trying to boost money into your retirement account? Are you saving for a down payment on a house or your trying to get out of debt? There's a lot of things that you want to consider because with this plan there are some tax advantages meaning that as you put money in the growth on that won't be taxed if it's used for the full purpose of educational expenses for the named beneficiaries. Just with any sort of tax advantage there is going to be rules to the program. You want to make sure that you can meet those rules and they fit your family. Lori: It's really sad that I have two of those, one for each of my children and I didn't even know that. Nanette, thanks so much. Where can we go to get more information for people like me? Nanette Graviet: Come into any of our branches and meet with a financial advisor or visit us online at macu.com. Lori: Nanette, as always, thank you so much. Nanette Graviet: Thanks Lori.
Просмотров: 300 Mountain America Credit Union
How to Set Aside Funds for Future College Costs?
 
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http://sowafinancial.com (401) 434-8090 What's the Best Way to Set Aside Funds for Future College Costs? One way to plan for your children's college education is through a 529 plan, which is an education savings plan operated by a state or educational institution. The name 529 comes from section 529 of the Internal Revenue Code, which created these types of savings plans in 1996. Although your contributions are not deductible on your federal tax return, your investment receives tax-deferred treatment and qualified distributions to pay for the beneficiaries' college costs come out federally tax-free. Non-qualified withdrawals are subject to state income tax and a 10% penalty. College savings plans offered by each state differ significantly in features and benefits. The optimal plan for each investor depends on his or her individual objectives and circumstances. In comparing plans, each investor should consider each plan's investment options, fees and state tax implications. State tax deductions vary by the state of issuance. Plan assets are professionally managed either by the state Treasurer's office or by an outside investment company hired as the program manager. But you have some control over how your investment is managed. You may be able to change to a different option in a 529 savings program every year, although plan restrictions may apply. Everyone is eligible to take advantage of a 529 plan and the amounts you can put in are substantial. The availability of tax or other benefits may be conditioned on meeting certain requirements. 529 plans are subject to enrollment, maintenance, administrative and management fees and expenses. Per beneficiary plans can vary greatly and care should be given to fully understand your 529 plan before you invest. Let us help you decide which 529 plan is right for you. Give us a call today. https://youtu.be/mfIAjawsEc4?list=PLz8TyROqTF1B1oDrDnGL_q6MXXEvOzTeJ
Просмотров: 39 Donald Sowa
What's the Best Way to Set Aside Funds for Future College Costs
 
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Financial Planning services provided by Kay Dee Cole & Todd Porterfield http://www.claritywealthdevelopment.com (541) 753-1898 Get Whiteboard Animated Videos like this one for your business here: http://www.jilladdison.com/get-monthly-videos-for-a-low-monthly-rate What's the Best Way to Set Aside Funds for Future College Costs? One way to plan for your children's college education is through a 529 plan, which is an education savings plan operated by a state or educational institution. The name 529 comes from section 529 of the Internal Revenue Code, which created these types of savings plans in 1996. Although your contributions are not deductible on your federal tax return, your investment receives tax-deferred treatment and qualified distributions to pay for the beneficiaries' college costs come out federally tax-free. Non-qualified withdrawals are subject to state income tax and a 10% penalty. College savings plans offered by each state differ significantly in features and benefits. The optimal plan for each investor depends on his or her individual objectives and circumstances. In comparing plans, each investor should consider each plan's investment options, fees and state tax implications. State tax deductions vary by the state of issuance. Plan assets are professionally managed either by the state Treasurer's office or by an outside investment company hired as the program manager. But you have some control over how your investment is managed. You may be able to change to a different option in a 529 savings program every year, although plan restrictions may apply. Everyone is eligible to take advantage of a 529 plan and the amounts you can put in are substantial. The availability of tax or other benefits may be conditioned on meeting certain requirements. 529 plans are subject to enrollment, maintenance, administrative and management fees and expenses. Per beneficiary plans can vary greatly and care should be given to fully understand your 529 plan before you invest. Let us help you decide which 529 plan is right for you. Give us a call today. https://youtu.be/Oia3FXgPrgU?list=PLRg1qUAa-p-HSm9vdujSg5UaQlUsCsK0Y
Просмотров: 61 Kay Dee Cole
How to set up a 529 college plan
 
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If you want to save for a child's education, 529 plans are a great way to go! But, some 529 plans will cost you a lot of money in commissions and fees. Here is Clark's guide to the best 529 college savings plans: http://clark.com/education/clarks-529-plan-guide/
Просмотров: 775 Clark Howard: Save More, Spend Less
NC 529 Plan: How early should you start saving?
 
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Watch more NC 529 Plan videos on saving for college: https://www.youtube.com/playlist?list=PLiFGBEf0h3BAx0onnBtg4qHAaaJIYeS5A http://www.nc529.org Subscribe to our YouTube Channel and be the first to see our latest tips on saving for college: https://www.youtube.com/channel/UCFqV-c7AF60-puRNgJbbefQ OTHER NC 529 CHANNELS Facebook: http://www.facebook.com/NC529Plan Twitter: http://twitter.com/MyNC529 Pinterest: https://www.pinterest.com/nc529/nc-529-college-savings-plan/ Website: http://www.CFNC.org Toll-free Phone support: 866-866-CFNC(2362) ABOUT THE NC 529 PLAN The NC 529® Plan gives you a tax-advantaged, straightforward way to start putting money aside for your child’s college future right now. With easy online or paper enrollment, you can start saving with as little as $25. Make future contributions regularly or periodically – your choice. Other family and friends can contribute too. North Carolina’s National College Savings Program (also called “NC 529 Plan”) is a program of the State of North Carolina. The program is maintained by the North Carolina State Education Assistance Authority as a qualified tuition program under federal tax law, and is administered by College Foundation, Inc. The NC 529 Plan is open to residents of any state. Account earnings are free from both federal and North Carolina income taxes when used to pay for qualified higher education expenses at virtually any college, anywhere in the country. Account owners enroll directly, without having to use brokers or financial advisors, and make their own investment choices from a variety of investment options. There are no enrollment fees or sales charges. Sign up for an NC 529 Plan today at http://www.nc529.org QUESTIONS? — questions@cfncresources.org (for questions about careers, academic planning, or admissions) — programinformation@cfi.org (for questions about financial aid, saving for college, or education loans) — CALL TOLL-FREE: 1-866-866-CFNC (2362) — OR MESSAGE US YOUR QUESTION ON FACEBOOK OR TWITTER! Facebook: http://www.facebook.com/NC529Plan Twitter: http://twitter.com/MyNC529
Просмотров: 249 College Foundation of North Carolina
NC 529 Plan | Ed & Julie's story
 
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Watch more NC 529 Plan videos on saving for college: https://www.youtube.com/playlist?list=PLiFGBEf0h3BAx0onnBtg4qHAaaJIYeS5A http://www.nc529.org Subscribe to our YouTube Channel and be the first to see our latest tips on saving for college: https://www.youtube.com/channel/UCFqV-c7AF60-puRNgJbbefQ OTHER NC 529 CHANNELS Facebook: http://www.facebook.com/NC529Plan Twitter: http://twitter.com/MyNC529 Pinterest: https://www.pinterest.com/nc529/nc-529-college-savings-plan/ Website: http://www.CFNC.org Toll-free Phone support: 866-866-CFNC(2362) ABOUT THE NC 529 PLAN The NC 529® Plan gives you a tax-advantaged, straightforward way to start putting money aside for your child’s college future right now. With easy online or paper enrollment, you can start saving with as little as $25. Make future contributions regularly or periodically – your choice. Other family and friends can contribute too. North Carolina’s National College Savings Program (also called “NC 529 Plan”) is a program of the State of North Carolina. The program is maintained by the North Carolina State Education Assistance Authority as a qualified tuition program under federal tax law, and is administered by College Foundation, Inc. The NC 529 Plan is open to residents of any state. Account earnings are free from both federal and North Carolina income taxes when used to pay for qualified higher education expenses at virtually any college, anywhere in the country. Account owners enroll directly, without having to use brokers or financial advisors, and make their own investment choices from a variety of investment options. There are no enrollment fees or sales charges. Sign up for an NC 529 Plan today at http://www.nc529.org QUESTIONS? — questions@cfncresources.org (for questions about careers, academic planning, or admissions) — programinformation@cfi.org (for questions about financial aid, saving for college, or education loans) — CALL TOLL-FREE: 1-866-866-CFNC (2362) — OR MESSAGE US YOUR QUESTION ON FACEBOOK OR TWITTER! Facebook: http://www.facebook.com/NC529Plan Twitter: http://twitter.com/MyNC529
Просмотров: 405 College Foundation of North Carolina
ABLE TN Savings Program - Achieving a Better Life Experience
 
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ABLE TN is a savings program designed to help individuals with disabilities put aside money to pay for qualified expenses. These accounts provide the opportunity to save and invest with tax-free earnings to help participants maintain independence and quality of life.
Просмотров: 1642 TNTreasury
Answers to commonly asked questions about 529s
 
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Mary Ryan answers some of the most frequently asked questions about NY 529 Direct. Learn more at http://www.nysaves.org. PROGRAM INFORMATION Investment returns are not guaranteed, and you could lose money by investing in the Direct plan. This Web site contains links to other Web sites as a convenience to users. However none of the Program; The New York State Office of the State Comptroller; the New York State Higher Education Services Corporation; The Vanguard Group, Inc.; Ascensus College Savings, Inc.; nor any of their affiliates endorses or takes any responsibility for any such Web site or for any information contained thereon, except, in each case, with respect to their own Web sites. Before investing in any 529 plan, you should consider whether your or the beneficiary's home state offers a 529 plan that provides its taxpayers with favorable state tax and other benefits that are only available through investment in the home state's 529 plan. You also should consult your financial, tax, or other adviser to learn more about how state-based benefits (or any limitations) would apply to your specific circumstances. You also may wish to contact your home state's 529 plan(s), or any other 529 plan, to learn more about those plans' features, benefits and limitations. Keep in mind that state-based benefits should be one of many appropriately weighted factors to be considered when making an investment decision. The Comptroller of the State of New York and the New York State Higher Education Services Corporation are the Program Administrators and are responsible for implementing and administering the Direct Plan. Neither the State of New York nor its agencies insures accounts or guarantees the principal deposited in those accounts or any investment returns on any amount or investment portfolio. Ascensus Broker Dealer Services, Inc., and Ascensus Investment Advisors, LLC, serve as Program Manager and Recordkeeping and Servicing Agent, respectively, and are responsible for day-to-day operations. The Vanguard Group, Inc., serves as the Investment Manager. Vanguard Marketing Corporation markets, distributes, and underwrites the Direct Plan. New York's 529 College Savings Program currently includes two separate 529 plans. The Direct Plan is sold directly by the Program. You may also participate in the Advisor Plan, which is sold exclusively through financial advisors and has different investment options and higher fees and expenses as well as financial advisor compensation. The Ascensus College Savings logo is a registered service mark of Ascensus Broker Dealer Services, Inc. Vanguard and the ship logo are trademarks of The Vanguard Group, Inc. For more information about New York's 529 College Savings Program Direct Plan, download a Disclosure Booklet and Tuition Savings Agreement or request one by calling 1-877-NYSAVES. This document includes investment objectives, risks, charges, expenses, and other information. You should read and consider them carefully before investing. The Program Administrators, the Program Manager and Vanguard, and their respective affiliates do not provide legal or tax advice. This information is provided for general educational purposes only. This is not to be considered legal or tax advice. Investors should consult with their legal or tax advisors for personalized assistance, including information regarding any specific state law requirements.
Просмотров: 917 NY529Direct
Upromise College Savings Plan (Review)
 
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http://coupondivas.com/ : Save Money for college with Upromise; it's free to sign up and savings are automatically deposited when you buy groceries, use eCoupons downloaded to your shopper loyalty cards, eat at restaurants, buy gas and more. When you are ready you can invest in a 529 plan, pay down eligible student loans or assist with college expenses with the money you saved using Upromise.
Просмотров: 7857 CouponDivas
Education savings account | Education savings account calculator
 
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Education savings account A Coverdell Education Savings Account (also known as an Education Savings Account, a Coverdell ESA, a Coverdell Account, or just an ESA, and formerly known as an education individual retirement account), is a tax-advantaged investment account in the United States designed to encourage savings to cover future education expenses (elementary, secondary, or college), such as tuition, books, uniform, etc. It is found at section 530 of the Internal Revenue Code (26 U.S.C. § 530). The tax treatment of Coverdell ESAs is much the same as that of 529 plans with a few important differences. Like a 529 plan, Coverdell ESAs allow money to grow tax deferred and proceeds to be withdrawn tax free for qualified education expenses at a qualified institution. However the definition of qualified expenses in an ESA includes primary and secondary school, not just college and university. #education savings account #education savings account vs 529 #529 college savings plan #vanguard education savings account #education savings account calculator #education savings account income limits #college savings account #education savings calculator #school savings account education savings account Reference link : https://en.wikipedia.org/wiki/Coverdell_Education_Savings_Account
Просмотров: 85 Top 10