Saving for College Can Be Less Taxing
Kelley, Ann Galligan, The CPA Journal
PERSONAL FINANCIAL PLANNING
BECAUSE THEY ARE CONSIDERED THE OWNER'S ASSET, SECTION 529 PLANS are more advantageous in cases where there is some chance that a student will be eligible for need-based aid.
The Economic Growth and Tax Relief Reconciliation Act of 2001 has given parents and grandparents increased options to save for college. Two of the most significant changes relate to IRC section 529 plans and Coverdell Savings Accounts. The section 529 provisions have been expanded beyond state-sponsored programs to include certain programs established and maintained by private institutions.
As college costs continue to escalate, state-run IRC section 529 plans …
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Publication information: Article title: Saving for College Can Be Less Taxing. Contributors: Kelley, Ann Galligan - Author. Magazine title: The CPA Journal. Volume: 72. Issue: 11 Publication date: November 2002. Page number: 72+. © New York State Society of Certified Public Accountants Feb 2009. Provided by ProQuest LLC. All Rights Reserved.
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