U.S. Savings Bonds for Education Savings
|
|
- Sheena Peters
- 6 years ago
- Views:
Transcription
1 Thorley Wealth Management, Inc. Elizabeth Thorley, MS, CFP, CLU, AIF CEO & President 1478 Marsh Road Pittsford, NY x205 Fax: U.S. Savings Bonds for Education Savings Page 1 of 5, see disclaimer on final page
2 U.S. Savings Bonds for Education Savings Introduction Two types of U.S. savings bonds--series EE and Series I--offer a special tax advantage for college savers. If the bond proceeds are used to pay qualified higher education expenses and other requirements are met (including income limitations), you pay no federal income tax on the bond's earnings. Series EE and Series I bonds can only be purchased electronically from the U.S. Treasury. To purchase bonds or to learn more, go to What are Series EE and Series I bonds? Series EE and Series I bonds are types of U.S. savings bonds issued by the federal government. The bonds are available in denominations (face values) ranging from $25 to $10,000. Every year you hold a Series EE or Series I bond, it earns interest. Interest is added to the bond monthly. The interest is paid to you at the time you redeem (cash in) the bond. The main difference between Series EE and Series I bonds is the interest earned on the bond. For Series EE bonds purchased on or after May 1, 2005, the interest rate paid on the bond is fixed for the life of the bond. (For Series EE bonds purchased before May 1, 2005, the interest rate paid on the bond is variable--it's tied to the average yield of other government securities.) A Series I bond earns interest based on a combination of a fixed rate and an inflation (variable) rate. The fixed rate remains the same throughout the life of the bond and the inflation (variable) rate is calculated twice per year based on government inflation measures. Both Series EE and Series I bonds continue to earn interest for up to 30 years. You can cash bonds in after one year, but if you cash them in before five years, you lose the last three months of interest (e.g., if you cash in a bond after 18 months, you get the first 15 months of interest). Strengths of Series EE and Series I bonds Earnings may be exempt from federal tax in some cases If you use the bond proceeds to pay qualified higher education expenses (tuition and fees) and meet other requirements (discussed below), you will owe no federal income tax on the interest earned on the bond. Earnings exempt from state and local taxes The interest earned on Series EE and Series I bonds is exempt from state and local income taxes. Caution: On the transfer of U.S. savings bonds, you are exempt from state gift taxes. However, you may owe state inheritance taxes. Bonds are backed by the credit of the federal government The federal government backs its bonds with its ability to collect taxes. Thus, your principal will be repaid unless the federal government defaults on its obligation to pay. Easy to purchase and redeem Series EE bonds can be easily purchased online at You don't need to go through a broker. Tradeoffs of Series EE and Series I bonds Page 2 of 5, see disclaimer on final page
3 Maximum purchase requirements The maximum purchase allowed per individual per calendar year is $10,000. So, if you receive a windfall of $100,000 next year, you can't invest it all in Series EE or Series I bonds for your child's college education. Tip: In a two-parent family, each spouse can purchase $10,000 worth of Series EE or Series I bonds per year, for a total of $20,000. Relatively low yield Series EE and Series I bonds typically earn a relatively low interest rate that may not keep pace with college inflation. Penalty for early redemption If you redeem a Series EE or Series I bond before it is five years old, you will pay a penalty equal to the last three months worth of interest. Example: Suppose you purchase a $10,000 Series EE bond for $5,000 in May of Year 1. You decide to redeem the bond 27 months later, in August of Year 3. The result is when you cash in the bond, you receive your original investment of $5,000, plus 24 months of accrued interest. You forfeit three months worth of interest. Minimum waiting period before redemption allowed You have to wait at least one year before redeeming a Series EE or Series I bond. Tax considerations Series EE and Series I bond interest is exempt from federal income tax if the bond proceeds are used to pay qualified higher education expenses (see Questions & Answers for a definition) and if the following requirements are met: The bond must be issued in 1990 or later The bond must be issued in the name of one or both parents (not the child's name) Married taxpayers must file a joint return The owner (purchaser) of the bond must be at least 24 years old The bond must be redeemed by the owner in the year it's used to pay qualified higher education expenses, and the bond proceeds must be used to pay the education expenses of the owner, his or her spouse, or his or her dependent(s) The owner must fall within established income restrictions (see Questions & Answers) If you don't meet these eligibility requirements, the bond's earnings will be subject to federal income tax. The interest can be reported in one of two ways: (1) in the year the bond is redeemed or, less commonly, (2) as it's earned each year (the accrual method). If you choose the second method, you must make a special election to do so. If the election is made, it applies to all savings bonds you own in the year of election and to all savings bonds subsequently acquired. If you make the election, you must report all income earned on the bonds from the date of acquisition. Example: You purchase a $10,000 Series I bond. In Year 1, it generates $700 in interest; in Year 2, $800 in interest. Without the election, you don't report any interest in Years 1 and 2. Instead, this interest will be reported in the future when you cash in the bond. If you make the election in Year 2, you must report the entire $1,500 interest earned to date. If the total proceeds (interest and principal) from your Series EE or Series I bond are greater than the education expenses you pay for the year, the IRS allows you to exclude only a portion of the interest from taxable income. Example: Assume you redeem $15,000 worth of Series EE savings bonds in Year 1 to pay your child's tuition at State University (and you otherwise meet all the eligibility requirements). During Year 1, you pay $11,250 worth of tuition and fees. The result is that you can exclude only 75 percent of the interest received on the bonds' redemption ($11,250/ $15,000) because your redemption exceeded the education expenses paid for that year. Caution: Once you make the election (and switch to the accrual method for reporting interest), it's difficult, though not impossible, to change back. Page 3 of 5, see disclaimer on final page
4 Series EE and Series I bonds are a reportable asset under the federal formula for determining financial aid eligibility. In addition, colleges will consider any interest earned as income (regardless of whether or not it's tax exempt) and will assess it for financial aid purposes along with your other income. Tip: When you cash in Series EE and Series I bonds to help pay college expenses, you reduce your aid eligibility. The reason is your income has now increased. To avoid this result, consider cashing in the bonds after January 1 of your child's junior year of college, because income earned after that date won't affect your child's aid eligibility (at least with respect to any aid for undergraduate education). Questions & Answers My spouse and I have a combined annual income of $115,000. Would we be able to exclude the interest earned on our Series EE bonds from income? Yes. For 2016, married couples filing jointly with modified adjusted gross incomes (MAGIs) of $116,300 (up from $115,750 in 2015) or less and single parents with MAGIs of $77,550 (up from $77,200 in 2015) or less at the time the bonds are redeemed are exempt from federal income tax on Series EE and Series I bond interest if the bonds areused for qualified higher education expenses. The income tax exclusion is phased out for couples filing jointly with MAGIs between $116,300 and $146,300 and single parents with MAGIs between $77,550 and $92,550. These income limits are indexed for inflation each year. There is a catch in determining your MAGI. Namely, your income for the year you redeem the bonds includes all of the interest the bonds have earned to date. Ironically, the addition of this interest income may push some families right over the income cutoff, thus eliminating their income tax exclusion. What are qualified higher education expenses? Qualified higher education expenses for purposes of excluding the interest on Series EE and Series I bonds include tuition and fees, but not room and board. The tuition and fees must be actual out-of-pocket costs. Thus, any tax-free scholarships, educational assistance allowances, or payments (other than gifts or inheritances) that your child receives must reduce these expenses. Caution: The definition of qualified higher education expenses for purposes of Series EE and Series I bonds differs from the definition of qualified higher education expenses for purposes of the American Opportunity credit, Lifetime Learning credit, prepaid tuition plans, and student loan interest deduction. Tip: Contributing your Series EE or Series I bond proceeds to a Coverdell education savings account, a prepaid tuition plan, or college savings plan counts as a qualified education expense. Tip: The amount of qualified education expenses used to determine any federal income tax exclusion on Series EE or Series I bonds must be reduced by the amount of expenses taken into account in determining the American Opportunity credit and the Lifetime Learning credit. In other words, if you claim one of these credits for certain educational expenses, you can't cash in your Series EE or Series I bonds to pay those same expenses and still claim the tax break on the bond's interest earnings. Page 4 of 5, see disclaimer on final page
5 Securities and advisory services offered through Commonwealth Financial Network member a Registered Investment Adviser. Fixed insurance products and services offered through CES Insurance Agency. This material has been provided for general informational purposes only and does not constitute either tax or legal advice. Investors should consult a tax or legal professional regarding their individual situations. Thorley Wealth Management, Inc. Elizabeth Thorley, MS, CFP, CLU, AIF CEO & President 1478 Marsh Road Pittsford, NY x205 Fax: ethorley@thorleywm.com Page 5 of 5 Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2016
Home Equity Loans and Lines of Credit
Thorley Wealth Management, Inc. Elizabeth Thorley, MS, CFP, CLU, AIF CEO & President 1478 Marsh Road Pittsford, NY 14534 585-512-8453 x203 Fax: 585.625.0477 ethorley@thorleywm.com www.thorleywm.com Home
More informationUnderstanding Defined Benefit Plans
Thorley Wealth Management, Inc. Elizabeth Thorley, MS, CFP, CLU, AIF, AEP CEO & President 1478 Marsh Road Pittsford, NY 14534 585-512-8453 x205 Fax: 585.625.0477 ethorley@thorleywm.com www.thorleywm.com
More informationTaxation and Health Insurance
Thorley Wealth Management, Inc. Elizabeth Thorley, MS, CFP, CLU CEO & President 1478 Marsh Road Pittsford, NY 14534 585-512-8453 203 Fax: 585.625.0477 ethorley@thorleywm.com www.thorleywm.com Taxation
More informationLifetime (Noncharitable) Gifting
Thorley Wealth Management, Inc. Elizabeth Thorley, MS, CFP, CLU, AIF, AEP CEO & President 1478 Marsh Road Pittsford, NY 14534 585-512-8453 x205 Fax: 585.625.0477 ethorley@thorleywm.com www.thorleywm.com
More informationLife Insurance and Estate Planning
Thorley Wealth Management, Inc. Elizabeth Thorley, MS, CFP, CLU, AIF CEO & President 1478 Marsh Road Pittsford, NY 14534 585-512-8453 x203 Fax: 585.625.0477 ethorley@thorleywm.com www.thorleywm.com Life
More informationDurable Power of Attorney for Health Care/Health-Care Proxy
Thorley Wealth Management, Inc. Elizabeth Thorley, MS, CFP, CLU, AIF CEO & President 1478 Marsh Road Pittsford, NY 14534 585-512-8453 x203 Fax: 585.625.0477 ethorley@thorleywm.com www.thorleywm.com Durable
More informationPrivate Health Insurance: Individual Health Insurance Policies
Thorley Wealth Management, Inc. Elizabeth Thorley, MS, CFP, CLU, AIF, AEP CEO & President 1478 Marsh Road Pittsford, NY 14534 585-512-8453 x205 Fax: 585.625.0477 ethorley@thorleywm.com www.thorleywm.com
More informationTax Benefits of Home Ownership
Thorley Wealth Management, Inc. Elizabeth Thorley, MS, CFP, CLU, AIF, AEP CEO & President 1478 Marsh Road Pittsford, NY 14534 585-512-8453 x205 Fax: 585.625.0477 ethorley@thorleywm.com www.thorleywm.com
More informationMinimizing Estate Shrinkage
Thorley Wealth Management, Inc. Elizabeth Thorley, MS, CFP, CLU CEO & President 1478 Marsh Road Pittsford, NY 14534 585-512-8453 203 Fax: 585.625.0477 ethorley@thorleywm.com www.thorleywm.com Minimizing
More informationLong-Term Care Insurance (LTCI) Provisions
Thorley Wealth Management, Inc. Elizabeth Thorley, MS, CFP, CLU CEO & President 1478 Marsh Road Pittsford, NY 14534 585-512-8453 203 Fax: 585.625.0477 ethorley@thorleywm.com www.thorleywm.com Long-Term
More informationCoverdell Education Savings Account (CESA or ESA) Distributions used to pay for qualified education expenses. Custodial Accounts (UGMA/UTMA)
There are many choices for you to consider when charting your child's course to college. The option you choose depends on how many years you have to save, your overall financial goals and your investment
More informationRequired Minimum Distributions (RMDs)
Weller Group LLC Timothy Weller, CFP CERTIFIED FINANCIAL PLANNER 6206 Slocum Road Ontario, NY 14519 315-524-8000 tim@wellergroupllc.com www.wellergroupllc.com Required Minimum Distributions (RMDs) March
More informationIRAs. Your Retirement Advisor
Your Retirement Advisor 508-798-5115 lynnt@yourretirementadvisor.com www.yourretirementadvisor.com IRAs March, 2017 Page 1 of 8, see disclaimer on final page Both traditional and Roth IRAs feature tax-sheltered
More informationCustodial Accounts (UGMA/UTMA) Distributions used to pay for qualified. Considered a student asset, generally assessed at 20%. education expenses
There are many choices for you to consider when charting your child's course to college. The option you choose depends on how many years you have to save, your overall financial goals and your investment
More information901 East Cary Street, Suite 1100, Richmond, VA
2017 Tax Planning & Reference Guide The 2017 Tax Planning & Reference Guide is designed as a reference and is not intended to function as tax advice. Please consult your professional accounting advisor
More information2016 Federal Income Tax Planning
Weller Group LLC Timothy Weller, CFP CERTIFIED FINANCIAL PLANNER 6206 Slocum Road Ontario, NY 14519 315-524-8000 tim@wellergroupllc.com www.wellergroupllc.com 2016 Federal Income Tax Planning March 06,
More information2018 Tax Planning & Reference Guide
2018 Tax Planning & Reference Guide The 2018 Tax Planning & Reference Guide is designed to be a reference only and is not intended to provide tax advice. Please consult your professional tax advisor prior
More informationSocial Security - Retire Ready
H.Haller Financial Howard Haller, CFP 28 West Bridge Street Saugerties, NY 12477 845-246-1618 fritz@hhallerfinancial.com www.hhallerfinancial.com Social Security - Retire Ready 2/26/2014 Page 1 of 16,
More informationFinancial Advisor. Understanding IRAs. January 15, 2019 Page 1 of 5, see disclaimer on final page
Financial Advisor Understanding IRAs Page 1 of 5, see disclaimer on final page Understanding IRAs An individual retirement arrangement (IRA) is a personal savings plan that offers specific tax benefits.
More informationWhat You Should Know: Required Minimum Distributions (RMDs)
Brian D. Goguen, P.C. Brian D. Goguen, CPA CFP 164 Concord Road Billerica, MA 01821 978-667-4595 bdgoguen@comcast.net www.bgoguen.com What You Should Know: Required Minimum Distributions (RMDs) Page 1
More informationConverting or Rolling Over Traditional IRAs to Roth IRAs
Brian Krawiec, CFP, ChFC, CLU CERTIFIED FINANCIAL PLANNER 4061 Powder Mill Road Suite 705 Calverton, MD 20705 301-595-8600 brian.krawiec@raymondjames.com www.potomacfinancialgroup.com Converting or Rolling
More informationClient Tax Letter. Income Tax Rates Hold Steady. What s Inside. Still a Bargain. April/May/June 2011
Client Tax Letter Tax Saving and Planning Strategies from your Trusted Business Advisor sm Income Tax Rates Hold Steady April/May/June 2011 Tax legislation passed at the end of 2010 the Tax Relief, Unemployment
More informationSelect Portfolio Management, Inc May 20, 2016
Select Portfolio Management, Inc 26800 Aliso Viejo Parkway Suite 150 Aliso Viejo, CA 92656 949-975-7900 800-445-9822 info@selectportfolio.com www.selectportfolio.com Understanding IRAs Page 1 of 5, see
More information7.4: FORMS 1040 EZ AND 1040A OBJECTIVES
Section 7.4: FORMS 1040 EZ AND 1040A OBJECTIVES Complete form 1040EZ. Complete form 1040A. Key Terms Form 1040EZ Form 1040A Form 1040 dependent exemption itemize standard deduction Chapter 7: Income Taxes
More informationParent and Student Guide to Federal Tax Benefits For Tuition and Fees (for Tax Year 2006) Understanding the Hope Scholarship Tax Credit
National Association of Student Financial Aid Administrators Parent and Student Guide to Federal Tax Benefits For Tuition and Fees (for Tax Year 2006) Understanding the Hope Scholarship Tax Credit What
More informationConverting or Rolling Over Traditional IRAs to Roth IRAs
Cole FInancial Consulting Jennifer J. Cole, CFA, MBA P.O. Box 1109 Sandia Park, NM 505-286-7915 JCole@ColeFinancialConsulting.com ColeFinancialConsulting.com Converting or Rolling Over Traditional IRAs
More informationChapter 3 Determining gross income
Chapter 3 Determining gross income Key concepts Taxable income is the base against which tax rates are applied to compute the taxpayer s tax liability. Taxable income is gross income less allowable deductions.
More informationRequired Minimum Distributions (RMDs)
Required Minimum Distributions (RMDs) March 21, 2012 Page 1 of 7, see disclaimer on final page What Are Required Minimum Distributions (RMDs)? Required minimum distributions, often referred to as RMDs
More information2018 Year-End Tax Planning for Individuals
2018 Year-End Tax Planning for Individuals There is still time to reduce your 2018 tax bill and plan ahead for 2019 if you act soon. This letter highlights several potential tax-saving opportunities for
More informationLAST MINUTE TAX PLANNING TIPS AND SURPRISES FOR Presented by: James J. Holtzman, CFP, CPA
LAST MINUTE TAX PLANNING TIPS AND SURPRISES FOR 2015 Presented by: James J. Holtzman, CFP, CPA JAMES J. HOLTZMAN, CFP, CPA James J. Holtzman, CFP, CPA is a Wealth Advisor and Shareholder with Legend Financial
More informationTomorrow s Scholar 529 Plan
Tomorrow s Scholar 529 Plan Investor Guide... connecting to the future Investment options customizable to your needs A flexible and tax-advantaged way to save for college Potential advantages over other
More informationSocial Security Planning
Stephanie E. Doyle Investment Management Stephanie Doyle Investment Advisor 14111 Bloomingdale Manor Cypress, TX 77429 713-447-5319 investmentmgmt@entouch.net investmentmgt.net Social Security Planning
More informationLearn about saving for college. Investor education
Learn about saving for college Investor education Making an investment in the future A child s college education can be one of the most important investments you ll ever make. With education costs rising
More informationCoverdell Education Savings Account (ESA)
7. Coverdell Education Savings Account (ESA) Introduction If your modified adjusted gross income (MAGI) is less than $110,000 ($220,000 if filing a joint return), you may be able to establish a Coverdell
More informationTAX FACTS AND TABLES at a glance
TAX FACTS AND TABLES 2013 at a glance Are you making smart investment decisions that can help Reduce your taxes The first step in reducing the amount of tax you pay on your investments is to get the facts.
More informationWealth Due to Inheritance
PPS Advisors Inc. Lawrence N. Passaretti CEO, CIO 4250 Veterans Memorial Hwy Suite 100E Holbrook, NY 11741 631-439-4600 x362 631-439-4604 (Fax) lpassaretti@ppsadvisors.com www.ppsadvisors.com Wealth Due
More informationWhat the New Tax Laws Mean to You
What the New Tax Laws Mean to You The American Taxpayer Relief Act of 2012 and other 2013 tax provisions January 2013 White Paper AN OVERVIEW OF THE AMERICAN TAXPAYER RELIEF ACT OF 2012 AND OTHER 2013
More informationWeller Group LLC March 06, 2016
Weller Group LLC Timothy Weller, CFP CERTIFIED FINANCIAL PLANNER 6206 Slocum Road Ontario, NY 14519 315-524-8000 tim@wellergroupllc.com www.wellergroupllc.com Gift Tax March 06, 2016 Page 1 of 6, see disclaimer
More informationTomorrow s Scholar 529 Plan
Tomorrow s Scholar 529 Plan Investor Guide... connecting to the future Investment options customizable to your needs A flexible and tax-advantaged way to save for college Potential advantages over other
More informationConverting or Rolling Over Traditional IRAs to Roth IRAs
LPL Financial Sims & Karr Financial Solutions Roger C. Sims Jason R Karr, Alex M. Means 304 North Main Street Greer, SC 29650 864-879-0337 simsandkarr@lpl.com www.simskarr.com Converting or Rolling Over
More informationCaution: Special rules apply to certain distributions to reservists and national guardsmen called to active duty after September 11, 2001.
LPL Financial Sims & Karr Financial Solutions Roger C. Sims Jason R Karr, Alex M. Means 304 North Main Street Greer, SC 29650 864-879-0337 simsandkarr@lpl.com www.simskarr.com Roth IRAs Page 1 of 13, see
More informationRequired Minimum Distributions
Required Minimum Distributions Page 1 of 6, see disclaimer on final page Required Minimum Distributions What are required minimum distributions (RMDs)? Required minimum distributions, often referred to
More informationSTATE AND FEDERAL TAX BENEFITS FOR COLLEGE EXPENSES: THE CASE OF UTAH
STATE AND FEDERAL TAX BENEFITS FOR COLLEGE EXPENSES: THE CASE OF UTAH Smith, Sheldon R. Utah Valley University ABSTRACT Several different federal income tax benefits exist for higher education costs. The
More informationCalculating MAGI Under the Tax Cut and Jobs Act
Calculating MAGI Under the Tax Cut and Jobs Act Presented on October 17, 2018 By I. Richard Gershon Professor of Law University of Mississippi School of Law I. What is MAGI and What is it Used For? MAGI
More informationConverting or Rolling Over Traditional IRAs to Roth IRAs
LPL Financial Sims & Karr Financial Solutions Roger C. Sims Jason R Karr, Alex M. Means 304 North Main Street Greer, SC 29650 864-879-0337 simsandkarr@lpl.com www.simskarr.com Converting or Rolling Over
More information529 best practices One-hour presentation
One-hour presentation For broker/dealer or institutional use only. It has not been filed with FINRA and may not be shown, quoted to, or used with, members of the general public. 705249 (03/17) 7H2B/1836989
More informationWEALTH MANAGEMENT 2016 FINANCIAL PLANNING LIMITS AND TAX RATE SCHEDULES
WEALTH MANAGEMENT 2016 FINANCIAL PLANNING LIMITS AND TAX RATE SCHEDULES Building success together. One advisor at a time. Addressing the complexities of financial planning with your most valuable clients
More informationCollateral Assignment Split Dollar Method
Platinum Advisory Group, LLC Michael Foley, CLTC, LUTCF Managing Partner 373 Collins Road NE Suite #214 Cedar Rapids, IA 52402 Office: 319-832-2200 Direct: 319-431-7520 mdfoley@mdfoley.com www.platinumadvisorygroupllc.com
More informationU.S. Individual Income Tax Update & Strategies for 2011/2012 and Beyond
U.S. Individual Income Tax Update & Strategies for 2011/2012 and Beyond Russell T. Fisher MBA, CPA, CCPS, AIF RT Fisher CPA PLLC RT Fisher U.S. Tax & College Planning Services Pte. Ltd. 1 Tannery Road,
More informationTax Issues for U.S. Citizens Living Abroad
LifeMark Partners, Inc. 1306 Concourse Drive Suite 350 Linthicum, MD 21090 410-837-3022 marketing@lifemarkpartners.com www.lifemarkpartners.com Tax Issues for U.S. Citizens Living Abroad Page 1 of 5, see
More informationEducation Tax Benefits
Education Tax Benefits i ALL RIGHTS RESERVED. NO PART OF THIS COURSE MAY BE REPRODUCED IN ANY FORM OR BY ANY MEANS WITHOUT THE WRITTEN PERMISSION OF THE PUBLISHER. Purchase of a course includes a license
More informationMilitary Benefit Association Roth IRA Conversions. 11/4/2015 Page 1 of 12, see disclaimer on final page
Military Benefit Association mba@militarybenefit.org Roth IRA Conversions 11/4/2015 Page 1 of 12, see disclaimer on final page Roth Conversions: Easier after 2009 What changed? Before 2010 you could only
More informationSK Wealth Management, LLC November 18, 2014
SK Wealth Management, LLC Jason Archambault, CFP, CPA/PFS Managing Member 55 Dorrance Street Providence, RI 02903 401-331-1575 jarchambault@skwealth.com http://skwealth.com 2015 Key Numbers SKWealth clients
More informationRequired Minimum Distributions
Himelick Financial Group Joseph W. Himelick, CLU, ChFC, MSFS Financial Planner 10900 Stonelake Blvd. Suite B-150 Austin, TX 78759 800-223-6983 joseph.himelick@himelickfinancialgroup.com www.himelickfinancialgroup.com
More informationUnderstanding Required Minimum Distributions for Individual Retirement Accounts
Understanding Required Minimum Distributions for Individual Retirement Accounts What are required minimum distributions (RMDs)? Required minimum distributions, often referred to as RMDs or minimum required
More informationCOMPARE. A guide to education savings options INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE
COMPARE A guide to education savings options INVESTMENT PRODUCTS: NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Comparison of selected college savings options (Based on 2017 limits) Description Who
More informationBeneficiary Designations for Roth IRAs
Weller Group LLC Timothy Weller, CFP CERTIFIED FINANCIAL PLANNER 6206 Slocum Road Ontario, NY 14519 315-524-8000 tim@wellergroupllc.com www.wellergroupllc.com Beneficiary Designations for Roth IRAs Page
More information2017 Federal Income Tax Planning
ABC Financial Planning Michael A. Licciardi Professional Planner 77 Gilcreast Rd Suite 2004 603-965-3065 x106 Mike@apsusa.com www.myabcplan.com 2017 Federal Income Tax Planning March 21, 2017 Page 1 of
More informationTax Genius. limiting total contribution deductions to 50% of AGI was increased to 60%, allowing a slightly larger deduction in some cases.
Tax Genius 2018 Pocket Tax Guide Online Edition It has been a busy time for tax-related news and upcoming changes. We have compiled many of the tax changes, deductions and tax rates for easy reference
More informationFINANCIAL PLANNING LIMITS AND TAX RATE SCHEDULES
Labs: Wealth Management FINANCIAL PLANNING LIMITS AND TAX RATE SCHEDULES Introduction Addressing the complexities of financial planning with your most valuable clients can be difficult. To help, Janus
More informationLAST CHANCE 2017 INCOME TAX MINIMIZATION TIPS
LAST CHANCE 2017 INCOME TAX MINIMIZATION TIPS Presented by: James J. Holtzman, CFP Wealth Advisor and Shareholder with Legend Financial Advisors, Inc. JAMES J. HOLTZMAN, CFP James J. Holtzman, CFP, is
More informationPlanning for Social Security
Weller Group LLC Timothy Weller, CFP CERTIFIED FINANCIAL PLANNER 6206 Slocum Road Ontario, NY 14519 315-524-8000 tim@wellergroupllc.com www.wellergroupllc.com Planning for Social Security March 06, 2016
More informationKey Numbers 2017 Presented by Nancy LaPointe
Key Numbers 2017 Presented by Nancy LaPointe Individual Income Tax Unmarried Individuals (other than Surviving Spouses and Heads of Household) $9,325 or less 10% of taxable income Over $9,325 to $37,950
More informationYear End Tax Planning for Individuals
Year End Tax Planning for Individuals December 2015 To Our Clients and Friends: Every individual can develop a year-end tax planning strategy that reflects his or her situation. Our office can help you
More informationSaving for soaring college costs
Giving children and grandchildren the opportunity of a lifetime Saving for soaring college costs Whether your children or grandchildren are toddlers or teenagers, it s only a matter of a time before they
More informationTable of contents. 2 Federal income tax rates 12 Required minimum distributions. 4 Child credits 13 Roth IRAs
2017 tax guide Table of contents 2 Federal income tax rates 12 Required minimum distributions 4 Child credits 13 Roth IRAs 5 Taxes: estates, gifts, Social Security 15 SEPs, Keoghs 6 Rules on retirement
More informationFederal Income Tax Changes 2017
Federal Income Tax Changes 2017 i ALL RIGHTS RESERVED. NO PART OF THIS COURSE MAY BE REPRODUCED IN ANY FORM OR BY ANY MEANS WITHOUT THE WRITTEN PERMISSION OF THE COPYRIGHT HOLDER. All materials relating
More informationTAX FACTS. and Tables 2017 AT A GLANCE
TAX FACTS and Tables 2017 AT A GLANCE Are you making smart financial decisions that can help reduce your taxes The first step in reducing the amount of tax you pay on your savings and personal finances
More informationStudent's Guide to Federal Income Tax
Publication 4 Cat. No. 46073X Department of the Treasury Internal Revenue Service Student's Guide to Federal Income Tax For use in preparing 1998 Returns Contents Introduction... 2 Where Do My Tax Dollars
More informationTAX FACTS. and Tables 2018 AT A GLANCE
TAX FACTS and Tables 2018 AT A GLANCE Are you making smart financial decisions that can help reduce your taxes The first step in reducing the amount of tax you pay on your savings and personal finances
More informationTAX FACTS. and Tables 2018 AT A GLANCE
TAX FACTS and Tables 2018 AT A GLANCE Are you making smart financial decisions that can help reduce your taxes The first step in reducing the amount of tax you pay on your savings and personal finances
More informationEDUCATIONAL SAVINGS OPTIONS COMPARISON
EDUCATIONAL SAVINGS OPTIONS COMPARISON January 17, 2013 SCHOLARSHARE COVERDELL ESA ROTH IRA TRADITIONAL IRA SAVINGS BONDS GIFTS TO CHILDREN SUMMARY OF THE OPTION ScholarShare is a college savings program
More informationCross Purchase (Crisscross) Buy-Sell Agreement
One Resource Group 13548 Zubrick Road Roanoke, IN 46783 888-467-6755 Life_Sales@ORGCorp.com Cross Purchase (Crisscross) Buy-Sell Agreement Page 1 of 9, see disclaimer on final page Cross Purchase (Crisscross)
More information2016 Year End Tax Planning For Individuals
Dear Client, Hard as it is to believe, another year is rapidly drawing to a close. Therefore, now is a good time to review possible steps to take to minimize your 2016 potential tax liability. December
More informationEntrance Counseling Guide for Direct Loan Borrowers
You are borrowing Direct Subsidized Loans and/or Direct Unsubsidized Loans to help you finance your education. Repaying these loans is a serious responsibility. This guide explains some of the most important
More informatione4 Brokerage, LLC th St. South Suite C Fargo, ND
e4 Brokerage, LLC 2280 45th St. South Suite C Fargo, ND 58104 701-356-1270 866-356-3203 sbergee@e4brokerage.com www.e4brokerage.com 2017 Tax Facts Guide 1/01/2017 Page 1 of 28, see disclaimer on final
More informationFederal Income Tax Changes 2018
Federal Income Tax Changes 2018 i Copyright 2018 by 1040 Education LLC ALL RIGHTS RESERVED. NO PART OF THIS COURSE MAY BE REPRODUCED IN ANY FORM OR BY ANY MEANS WITHOUT THE WRITTEN PERMISSION OF THE COPYRIGHT
More informationThe Commerce Company 5440 Southwest Westgate Drive Suite 110 Portland, OR thecommco.
The Commerce Company 5440 Southwest Westgate Drive Suite 110 Portland, OR 97221 503-203-8585 onlineresources@thecommco.com thecommco.com 2018 Key Numbers June 14, 2018 Individual Income Tax Planning Adoption
More informationSAVE 2016 INCOME TAXES! LAST MINUTE TAX PLANNING TIPS. Presented by: James J. Holtzman, CFP
SAVE 2016 INCOME TAXES! LAST MINUTE TAX PLANNING TIPS Presented by: James J. Holtzman, CFP JAMES J. HOLTZMAN, CFP James J. Holtzman, CFP, is a Wealth Advisor and Shareholder with Legend Financial Advisors,
More informationCSS/Financial Aid PROFILE Early Application Instructions.
CSS/Financial Aid PROFILE 2013-14 Early Application Instructions www.collegeboard.org INSTRUCTIONS Read the instructions as you fill out the PROFILE Early Application. Mistakes will delay the processing
More informationKey Numbers for 2018 (Revised for the Tax Cuts and Jobs Act) Presented by David Fedor
Key Numbers for 2018 (Revised for the Tax Cuts and Jobs Act) Presented by David Fedor Individual Income Tax Unmarried Individual (Other than Surviving Spouse and Head of Household) The tax rate of taxable
More informationTOOLS AND TECHNIQUES OF EMPLOYEE BENEFIT AND RETIREMENT PLANNING 12 TH EDITION
TOOLS AND TECHNIQUES OF EMPLOYEE BENEFIT AND RETIREMENT PLANNING 12 TH EDITION 2012 Supplement Chapter 1 pp. 4, 11-12 In 2012 the contribution limit for a 401(k) participant is $17,000. Catch-up contributions
More informationArthur Lander C.P.A., P.C. A professional corporation
A Arthur Lander C.P.A., P.C. A professional corporation 300 N. Washington St. #104 Alexandria, Virginia 22314 phone: (703) 486-0700 fax: (703) 527-7207 YEAR-END TAX PLANNING FOR INDIVIDUALS Once again,
More informationGross Income Exclusions and Adjustments to Income
CCH Essentials of Federal Income Taxation Gross Income Exclusions and Adjustments to Income 2001, CCH INCORPORATED 4025 West Peterson Ave. Chicago, IL 60646-6085 http://tax.cchgroup.com Gross Income Exclusions
More informationAPPENDIX G: PROVIDED TAX TABLES
APPENDIX G: PROVIDED TAX TABLES The tax tables and limits below are provided to individuals taking the November 2018 CFP Certification Examination. EXAM WINDOW TAX RATES, TABLES, & LAW TESTED November
More informationKEY NUMBERS 2018 (REVISED FOR THE TAX CUTS AND JOBS ACT)
KEY NUMBERS 2018 (REVISED FOR THE TAX CUTS AND JOBS ACT) Individual Income Tax Unmarried Individual (Other than Surviving Spouse and Head of Household)* $0 $9,525 10% $9,525 $38,700 12% $38,700 $82,500
More informationCompensating Yourself
Vertex Wealth Management LLC Michael Aluotto President Private Wealth Manager 1325 Franklin Ave., Ste. 335 Garden City, NY 11530 516-294-8200 mjaluotto@1stallied.com Compensating Yourself Page 1 of 5,
More informationThe benefits of 529 savings plans and CollegeAmerica
American Funds - The benefits of 529 savings plans and CollegeAmerica https://www.americanfunds.com/college/college-america/benefits.htm Page 1 of 4 The benefits of 529 savings plans and CollegeAmerica
More informationTRANSAMERICA PREMIER FUNDS. Disclosure Statement and Custodial Agreement for IRAs. Table of Contents
TRANSAMERICA PREMIER FUNDS Disclosure Statement and Custodial Agreement for IRAs Table of Contents IRA DISCLOSURE STATEMENT Part One: Description of Traditional IRAs 1 Special Note 1 Your Traditional IRA
More informationDynasty Trust. Clients, Business Owners, High Net Worth Individuals, Attorneys, Accountants and Trust Officers:
Platinum Advisory Group, LLC Michael Foley, CLTC, LUTCF Managing Partner 373 Collins Road NE Suite #214 Cedar Rapids, IA 52402 Office: 319-832-2200 Direct: 319-431-7520 mdfoley@mdfoley.com www.platinumadvisorygroupllc.com
More informationPortland Harbor Group of Raymond James January 08, 2018
Portland Harbor Group of Raymond James Claire Cooney, CFP Financial Planning Associate Two Portland Square Suite 701 Portland, ME 04101 207-771-1815 claire.cooney@raymondjames.com www.portlandharborgroup.com
More informationTOOLS AND TECHNIQUES OF INCOME TAX PLANNING 3 RD EDITION
TOOLS AND TECHNIQUES OF INCOME TAX PLANNING 3 RD EDITION 2012 Supplement Chapter 2 p. 11 In 2012 the income threshold for married person filing jointly is $19,500 (if one spouse is blind or elderly 20,650;
More informationLaw Office Of Keith R. Miles, LLC July 28, 2015
Law Office Of Keith R. Miles, LLC Keith Miles Attorney-at-Law 2250 Oak Road PO Box 430 Snellville, GA 30078 678-666-0618 keithmiles@timetoestateplan.com www.timetoestateplan.com Traditional IRAs Page 1
More informationAPPENDIX G: PROVIDED TAX TABLES
APPENDIX G: PROVIDED TAX TABLES The tax tables and limits below are provided to individuals taking the March 2018 CFP Certification Examination. Exam Window Tax Rates, Tables, & Law Tested July 2017 2017
More informationShareholder's Instructions for Schedule K-1 (Form 1120S)
2017 Shareholder's Instructions for Schedule K-1 (Form 1120S) Shareholder's Share of Income, Deductions, Credits, etc. (For Shareholder's Use Only) Department of the Treasury Internal Revenue Service Section
More informationSponsored by University Student Financial Services PERSONAL TAXES. Jodi R. Kessler, LLM Tax Manager Harvard University
Sponsored by University Student Financial Services PERSONAL TAXES Jodi R. Kessler, LLM Tax Manager Harvard University 1 DISCLAIMER Federal income tax; states may differ Information is specific to US citizens
More informationYear-end Tax Moves for 2015
Year-end Tax Moves for 2015 PRESENTED BY: One of our major goals is to help our clients identify opportunities that coordinate tax reduction with their investment portfolios. In order to achieve this goal,
More informationTomorrow s Scholar 529 Plan
Tomorrow s Scholar 529 Plan Investor Guide... connecting to the future Investment options customizable to your needs A flexible and tax-advantaged way to save for college Potential advantages over other
More informationFUTURE SCHOLAR 529 COLLEGE SAVINGS PLAN THE FUTURE SCHOLAR 529 PLAN BECAUSE YOU CAN HELP MAKE THEIR DREAMS COME TRUE
FUTURE SCHOLAR 529 COLLEGE SAVINGS PLAN THE FUTURE SCHOLAR 529 PLAN BECAUSE YOU CAN HELP MAKE THEIR DREAMS COME TRUE CONTENTS 3 Welcome to the Future Scholar 529 Plan 4 5 Tax advantages 6 7 Control and
More informationTax Report Year-End Tax Planning on the Verge of Tax Reform
Tax Report QUARTER 4, 2017 2017 Year-End Tax Planning on the Verge of Tax Reform Wealth management tends to be both complex and interdependent, and almost every financial action may have tax consequences.
More information