August 23, 2024 | Financial Planning
What Can You Buy With 529 Distributions?
Some of the biggest challenges many face when it comes to education are financial. Luckily, a 529 college saving plan can help. And they’re not ...
Learn MoreWhat Can You Buy With 529 Distributions?
Some of the biggest challenges many face when it comes to education are financial. Luckily, a 529 college saving plan can help. And they’re not just for college anymore – added to the tuition eligibility are K-12, private and religious schools. These funds can also be used for four and two-year colleges, trade schools, graduate programs, and some international institutions.
A 529 plan is a college savings plan that allows individuals to save for college on a tax-advantaged basis. State tax treatment of 529 plans is only one factor to consider prior to committing to a savings plan. Also, consider the fees and expenses associated with the particular plan. Whether a state tax deduction is available will depend on your state of residence. State tax laws and treatment may vary. State tax laws may be different from federal tax laws. Earnings on non-qualified distributions will be subject to income tax and a 10% federal penalty tax.
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Blogs for Financial Planning
August 16, 2024 | Financial Planning
Summertime Checkup
Summer’s here, and the time is right for vacations, outdoor activities, and fun. It’s also a good time to consider a few financial matters. Here ...
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August 14, 2024 | Financial Planning
How to Manage Market Volatility
The trader’s adage goes, “The stock market takes the stairs up and the elevator down.” The saying helps illustrate the speed at which stock prices ...
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August 9, 2024 | Financial Planning
Rainy Day Money
When we meet with people, one of the first topics we discuss is “emergency fund” money. We ask a few questions, such as, “Do you ...
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July 24, 2024 | Financial Planning
Disability and Your Finances
The Social Security Disability Insurance program paid out over $150 billion in benefits in 2023. And with new applicants each year, the system is expected ...
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July 22, 2024 | Financial Planning
US Companies Are The Innovation Leaders
We watch many economic trends and business issues evolve as a financial professional. The rapid rise of artificial intelligence (AI) during the past year has ...
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July 10, 2024 | Financial Planning
Rowing in the Same Direction: The Advantages of an Integrated Planning Firm for Your Financial Future
Should you work with individual attorneys, financial advisors, and accountants, or opt for a one-stop-shop for all your financial planning needs? This is a crucial question ...
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July 8, 2024 | Financial Planning
Key Planning & Investment Deadlines for Summer 2024
Special Observances and Focus Areas As we navigate through the summer of 2024, it’s important to be mindful of key planning and investment deadlines, along ...
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June 26, 2024 | Financial Planning
Monthly Memberships
In the last few years, we’ve become accustomed to many convenient services, many offered via subscriptions. Now, in the old days, if you had a ...
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June 17, 2024 | Financial Planning
How Financial Frictions Hinder Innovations
A recent study co-authored by Wharton’s Thomas Winberry reveals that financially constrained firms face a trade-off between investing in existing ideas and pursuing new ones. ...
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