Three years ago my wife and I bought a perfect 1234 square-foot, 3-bedroom condo in Cincinnati, Ohio. Since I had an entry-level job making about $27,000 and she only worked part time, our lender, Third Federal Saving and Loan, sold us on an adjustable rate mortgage. The rate would be 4.5% for three years, which ...
If you take money out of a Coverdell Education Savings Account or a 529 savings account, you should receive a Form 1099-Q to report the distribution. If the entire amount of the distribution is used to pay qualified education expenses, the distribution would not be subject to federal income tax and you would not have ...
In previous articles, I covered the two different types of 529 plans – the 529 Savings Plan and the 529 Prepaid Plan. Today I’ll discuss the 529 plan that I chose for my children’s education, California’s Golden State ScholarShare College Savings Trust. I signed up for the California 529 plan because I live in California ...
What is a Qualified Tuition Program? Qualified tuition programs (QTPs) are programs established and maintained by the individual states, or by educational institutions, that allow you to prepay tuition, or contribute to a savings account that is set up to pay a student’s qualified education expenses. Qualified tuition programs are also known as 529 plans, ...
