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Have you started saving for college yet? It’s not too early....
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Have you started saving for college yet? It’s not too early.
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Have you started saving for college yet? It’s not too early.
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Children grow up quickly, and college costs go up even faster. The good news is that you have severa...
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Aria Nguyen 26 minutes ago

6 tax-friendly ways to pay for college

529 plans Coverdell Education Savings Accounts Educa...
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Children grow up quickly, and college costs go up even faster. The good news is that you have several tax-advantaged ways to come up with college cash, thanks to Uncle Sam’s generous tax breaks.
Harper Kim Member
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Children grow up quickly, and college costs go up even faster. The good news is that you have several tax-advantaged ways to come up with college cash, thanks to Uncle Sam’s generous tax breaks.
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<h2>6 tax-friendly ways to pay for college</h2> 529 plans Coverdell Education Savings Accounts Educational tax credits Tuition and fees deduction Student loan interest deduction Savings bonds <h2>1 529 plans</h2> Educational 529 plans get their name from the Internal Revenue Code section under which they were created. These plans are the overwhelming favorite of families and financial planners alike. Your contributions to a 529 plan are not deductible on your federal return, but the money invested in the plan accumulates tax-free.
Hannah Kim Member
access_time 36 minutes ago

6 tax-friendly ways to pay for college

529 plans Coverdell Education Savings Accounts Educational tax credits Tuition and fees deduction Student loan interest deduction Savings bonds

1 529 plans

Educational 529 plans get their name from the Internal Revenue Code section under which they were created. These plans are the overwhelming favorite of families and financial planners alike. Your contributions to a 529 plan are not deductible on your federal return, but the money invested in the plan accumulates tax-free.
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Zoe Mueller 32 minutes ago
Even better, when you withdraw account funds to pay for qualified education costs, those distributio...
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Even better, when you withdraw account funds to pay for qualified education costs, those distributions are not taxed. RATE SEARCH: Looking for a safe place to put your money? Check out at Bankrate.com.
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Even better, when you withdraw account funds to pay for qualified education costs, those distributions are not taxed. RATE SEARCH: Looking for a safe place to put your money? Check out at Bankrate.com.
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Another appealing aspect of 529s is that they are set up by an adult who names the child as the beneficiary. Anyone can contribute to a 529 plan, such as the beneficiary child’s parents or grandparents All 529 plans are administered by states, and every state now has at least one. You don’t, however, have to limit yourself to your state’s options.
Oliver Taylor Member
access_time 40 minutes ago
Another appealing aspect of 529s is that they are set up by an adult who names the child as the beneficiary. Anyone can contribute to a 529 plan, such as the beneficiary child’s parents or grandparents All 529 plans are administered by states, and every state now has at least one. You don’t, however, have to limit yourself to your state’s options.
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Joseph Kim 9 minutes ago
You can establish an account with any 529 program. But you might get additional tax advantages, such...
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Ella Rodriguez 37 minutes ago
Simply roll over plan funds without any tax penalty to a 529 for an immediate family member.

2 ...

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You can establish an account with any 529 program. But you might get additional tax advantages, such as a deduction on your state tax returns, by establishing a plan in your home state. You also can change the beneficiary on the plan if the child for whom it was established decides against college or completes his or her education without using all the money in the plan.
Andrew Wilson Member
access_time 63 minutes ago
You can establish an account with any 529 program. But you might get additional tax advantages, such as a deduction on your state tax returns, by establishing a plan in your home state. You also can change the beneficiary on the plan if the child for whom it was established decides against college or completes his or her education without using all the money in the plan.
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Isaac Schmidt 38 minutes ago
Simply roll over plan funds without any tax penalty to a 529 for an immediate family member.

2 ...

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Ella Rodriguez 9 minutes ago
When the education accounts were expanded in 2002, they were renamed in honor of the late Sen. Paul ...
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Simply roll over plan funds without any tax penalty to a 529 for an immediate family member. <h2>2 Coverdell Education Savings Accounts</h2> Coverdell Education Savings Accounts, or ESAs, were once known as education IRAs because the accounts operate much the same way.
Sebastian Silva Member
access_time 88 minutes ago
Simply roll over plan funds without any tax penalty to a 529 for an immediate family member.

2 Coverdell Education Savings Accounts

Coverdell Education Savings Accounts, or ESAs, were once known as education IRAs because the accounts operate much the same way.
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Charlotte Lee 16 minutes ago
When the education accounts were expanded in 2002, they were renamed in honor of the late Sen. Paul ...
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When the education accounts were expanded in 2002, they were renamed in honor of the late Sen. Paul Coverdell of Georgia.
Chloe Santos Moderator
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When the education accounts were expanded in 2002, they were renamed in honor of the late Sen. Paul Coverdell of Georgia.
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Coverdell contributions aren’t tax-deductible, but they and subsequent earnings can be withdrawn tax-free as long as they are used to pay eligible schooling costs. Like 529 plans, Coverdell ESAs are established by an adult with the child as the beneficiary. Also, like 529s, anyone can contribute to the account, with the annual contribution deadline being the tax year’s April filing deadline.
Scarlett Brown Member
access_time 96 minutes ago
Coverdell contributions aren’t tax-deductible, but they and subsequent earnings can be withdrawn tax-free as long as they are used to pay eligible schooling costs. Like 529 plans, Coverdell ESAs are established by an adult with the child as the beneficiary. Also, like 529s, anyone can contribute to the account, with the annual contribution deadline being the tax year’s April filing deadline.
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Most financial institutions can serve as home to a Coverdell account. There are, however, some restrictions. Only $2,000 a year is allowed from all contributors, not $2,000 from each.
Sophie Martin Member
access_time 25 minutes ago
Most financial institutions can serve as home to a Coverdell account. There are, however, some restrictions. Only $2,000 a year is allowed from all contributors, not $2,000 from each.
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Elijah Patel 8 minutes ago
Your contribution limit is reduced if your modified adjusted gross income is between $95,000 and $11...
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Elijah Patel 19 minutes ago
Whereas most tax-favored education account money must be used for higher education costs, Coverdell ...
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Your contribution limit is reduced if your modified adjusted gross income is between $95,000 and $110,000 and you’re a single filer or between $190,000 and $220,000 if you’re married and file a joint return. If you make more than the limit for your filing status, you can’t contribute to anyone’s Coverdell ESA. On the other hand, Coverdell spending rules are more flexible.
Victoria Lopez Member
access_time 78 minutes ago
Your contribution limit is reduced if your modified adjusted gross income is between $95,000 and $110,000 and you’re a single filer or between $190,000 and $220,000 if you’re married and file a joint return. If you make more than the limit for your filing status, you can’t contribute to anyone’s Coverdell ESA. On the other hand, Coverdell spending rules are more flexible.
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Ethan Thomas 18 minutes ago
Whereas most tax-favored education account money must be used for higher education costs, Coverdell ...
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Whereas most tax-favored education account money must be used for higher education costs, Coverdell money can help pay educational expenses from kindergarten to college, such as a junior high student’s new computer. And as with a 529 plan, if your child doesn’t use all the Coverdell money, it can be rolled over to a plan for another family member.
Sofia Garcia Member
access_time 135 minutes ago
Whereas most tax-favored education account money must be used for higher education costs, Coverdell money can help pay educational expenses from kindergarten to college, such as a junior high student’s new computer. And as with a 529 plan, if your child doesn’t use all the Coverdell money, it can be rolled over to a plan for another family member.
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Grace Liu 123 minutes ago

3 Educational tax credits

Tax credit amounts are subtracted directly from any tax you owe,...
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<h2>3 Educational tax credits</h2> Tax credit amounts are subtracted directly from any tax you owe, usually making them a better tax break than deductions, which reduce your taxable income amount. When it comes to education, the tax code offers several tax credits. The American Opportunity Tax Credit was scheduled to expire in 2018, but under the Protecting Americans from Tax Hikes, or PATH, Act of 2015, it is now a permanent part of the tax code.
Hannah Kim Member
access_time 84 minutes ago

3 Educational tax credits

Tax credit amounts are subtracted directly from any tax you owe, usually making them a better tax break than deductions, which reduce your taxable income amount. When it comes to education, the tax code offers several tax credits. The American Opportunity Tax Credit was scheduled to expire in 2018, but under the Protecting Americans from Tax Hikes, or PATH, Act of 2015, it is now a permanent part of the tax code.
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Kevin Wang 38 minutes ago
This credit is worth $2,500. You can count expenses incurred during the first four years of postseco...
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And best of all, up to 40 percent of the American Opportunity credit is refundable. This could get y...
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This credit is worth $2,500. You can count expenses incurred during the first four years of postsecondary education in figuring the new credit.
Audrey Mueller Member
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This credit is worth $2,500. You can count expenses incurred during the first four years of postsecondary education in figuring the new credit.
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Scarlett Brown 6 minutes ago
And best of all, up to 40 percent of the American Opportunity credit is refundable. This could get y...
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Thomas Anderson 32 minutes ago
The lifetime learning credit is 20 percent of up to $10,000 in educational expenses, meaning you cou...
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And best of all, up to 40 percent of the American Opportunity credit is refundable. This could get you up to $1,000 back from the IRS even if you owe no taxes. The lifetime learning credit can be used by any student at any level — undergraduate, graduate or even coursework to improve job skills — and the student doesn’t have to be enrolled full time.
Mia Anderson Member
access_time 90 minutes ago
And best of all, up to 40 percent of the American Opportunity credit is refundable. This could get you up to $1,000 back from the IRS even if you owe no taxes. The lifetime learning credit can be used by any student at any level — undergraduate, graduate or even coursework to improve job skills — and the student doesn’t have to be enrolled full time.
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Harper Kim 31 minutes ago
The lifetime learning credit is 20 percent of up to $10,000 in educational expenses, meaning you cou...
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So if you have several kids in college and their total expenses are more than $10,000, the amount in...
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The lifetime learning credit is 20 percent of up to $10,000 in educational expenses, meaning you could get a possible $2,000 credit. Also note that the $10,000 limit applies to all educational expenses, not per student.
Daniel Kumar Member
access_time 93 minutes ago
The lifetime learning credit is 20 percent of up to $10,000 in educational expenses, meaning you could get a possible $2,000 credit. Also note that the $10,000 limit applies to all educational expenses, not per student.
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Oliver Taylor 30 minutes ago
So if you have several kids in college and their total expenses are more than $10,000, the amount in...
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So if you have several kids in college and their total expenses are more than $10,000, the amount in excess of that won’t count toward the lifetime learning credit. <h2>4 Tuition and fees deduction</h2> This tax break is an above-the-line deduction that can be claimed regardless of whether you claim the standard deduction or itemize. It’s found on Form 1040 and Form 1040A and could reduce your taxable income by as much as $4,000.
Amelia Singh Moderator
access_time 160 minutes ago
So if you have several kids in college and their total expenses are more than $10,000, the amount in excess of that won’t count toward the lifetime learning credit.

4 Tuition and fees deduction

This tax break is an above-the-line deduction that can be claimed regardless of whether you claim the standard deduction or itemize. It’s found on Form 1040 and Form 1040A and could reduce your taxable income by as much as $4,000.
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However, the 2016 tax year is the last year in which it remains in effect, as it expired on Dec. 31, 2016.
Ethan Thomas Member
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However, the 2016 tax year is the last year in which it remains in effect, as it expired on Dec. 31, 2016.
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Mia Anderson 152 minutes ago
Who qualifies for the tuition and fees deduction? Single taxpayer Married filing jointly taxpayer Ma...
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Sophie Martin 80 minutes ago
Single filers who make less than $65,000 or married joint filers earning less than $130,000 can take...
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Who qualifies for the tuition and fees deduction? Single taxpayer Married filing jointly taxpayer Maximum deduction amount Up to $65,000 Up to $130,000 $4,000 $65,001 to $80,000 $130,001 to $160,000 $2,000 80,001 or more $160,001 or more No deduction Although its above-the-line status makes this tax break more available, it does have some limits.
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Who qualifies for the tuition and fees deduction? Single taxpayer Married filing jointly taxpayer Maximum deduction amount Up to $65,000 Up to $130,000 $4,000 $65,001 to $80,000 $130,001 to $160,000 $2,000 80,001 or more $160,001 or more No deduction Although its above-the-line status makes this tax break more available, it does have some limits.
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Evelyn Zhang 1 minutes ago
Single filers who make less than $65,000 or married joint filers earning less than $130,000 can take...
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Charlotte Lee 24 minutes ago
You can, however, take the tuition and fees deduction, as well as distributions from Coverdell ESAs ...
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Single filers who make less than $65,000 or married joint filers earning less than $130,000 can take the full deduction. If you make more than those amounts but less than $80,000 as a single filer or $160,000 when married filing jointly, you can deduct up to $2,000 in tuition and fees. If you claim one of the education tax credits, you cannot use this deduction for other expenses by the same student in the same year.
Joseph Kim Member
access_time 140 minutes ago
Single filers who make less than $65,000 or married joint filers earning less than $130,000 can take the full deduction. If you make more than those amounts but less than $80,000 as a single filer or $160,000 when married filing jointly, you can deduct up to $2,000 in tuition and fees. If you claim one of the education tax credits, you cannot use this deduction for other expenses by the same student in the same year.
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You can, however, take the tuition and fees deduction, as well as distributions from Coverdell ESAs and 529 plans, as long as you paid for different educational expenses with the various funds. <h2>5 Student loan interest deduction</h2> This is another above-the-line deduction that enables you to deduct up to $2,500 in student loan interest. However, to take advantage of this deduction, your modified adjusted gross income must be less than $80,000 if you’re a single filer or less than $160,000 if you’re married and file a joint return.
Dylan Patel Member
access_time 72 minutes ago
You can, however, take the tuition and fees deduction, as well as distributions from Coverdell ESAs and 529 plans, as long as you paid for different educational expenses with the various funds.

5 Student loan interest deduction

This is another above-the-line deduction that enables you to deduct up to $2,500 in student loan interest. However, to take advantage of this deduction, your modified adjusted gross income must be less than $80,000 if you’re a single filer or less than $160,000 if you’re married and file a joint return.
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Sofia Garcia 24 minutes ago
If you’re married, you must file a joint return to take this deduction.

6 Savings bonds

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Ella Rodriguez 49 minutes ago
savings bonds, you must pay tax on the deferred interest that the bonds earned. But if you use the b...
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If you’re married, you must file a joint return to take this deduction. <h2>6 Savings bonds</h2> When you cash in U.S.
Amelia Singh Moderator
access_time 148 minutes ago
If you’re married, you must file a joint return to take this deduction.

6 Savings bonds

When you cash in U.S.
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Nathan Chen 124 minutes ago
savings bonds, you must pay tax on the deferred interest that the bonds earned. But if you use the b...
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savings bonds, you must pay tax on the deferred interest that the bonds earned. But if you use the bonds to pay for educational expenses, the interest could be tax-free.
Lily Watson Moderator
access_time 38 minutes ago
savings bonds, you must pay tax on the deferred interest that the bonds earned. But if you use the bonds to pay for educational expenses, the interest could be tax-free.
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Henry Schmidt 21 minutes ago
RATE SEARCH: Find a that will work for you at Bankrate. Related Links: Related Articles: SHARE: Kay ...
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RATE SEARCH: Find a that will work for you at Bankrate. Related Links: Related Articles: SHARE: Kay Bell <h2> Related Articles</h2> </h2> </h2> </h2> </h2>
Julia Zhang Member
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RATE SEARCH: Find a that will work for you at Bankrate. Related Links: Related Articles: SHARE: Kay Bell

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