In a recent blog post, we outlined how 529 education savings plans work, and why they can be such an attractive tool for saving for education expenses. If you own or contribute to an account with the Oregon College Savings Plan, you probably realize that the administration of the plan changed (again) last year from […]
Understanding 529 College Savings Plans
If there are children in your life you plan to help pay for college, you have probably heard about 529 college savings plans. While there are other ways to save for the payment of education costs, the 529 plan is the most attractive. Let’s review why. The 529 plan originates from a section of the […]
Divorce, Kids and College
Over the past twenty years, our team of advisors has built literally hundreds of financial plans for our clients. At any given time, we’re in the process of crafting a dozen or more new ones. Many of these plans are for married couples, but a significant number are for single parents, who have either never […]
Big Changes to Oregon’s 529 College Savings Plan
With school back in session for Oregon’s students, it’s time for parents to respond to recent changes made to Oregon’s 529 education savings plan. TIAA CREF has been replaced as the Plan Administrator by Sumday Administration, LLC, a subsidiary of BNY Mellon. As a result, current Oregon 529 plan account owners are temporarily unable to […]
Oregon says “no” to 529 plan use for private schools
A few weeks ago we noted that Congress, though the 2017 Tax Cuts and Jobs Act, allowed owners of 529 education plan accounts to pay for private school tuition for kindergarten through 12th grade. Funds taken from a 529 plan to pay for private school will not be subject to federal income taxes. However, we […]
The Oregon College Savings Plan and Tax Reform
As we mentioned in an earlier post, Congress made changes to 529 education plans when it passed The Tax Cuts and Jobs Act in December 2017. It is now possible to use a 529 plan to pay up to $10,000 per year, per student for private school tuition for kindergarten through 12th grade. This is […]
You can now use a 529 Plan to pay for private school
The tax reform legislation signed into law on December 22, 2017, brings several important enhancements to 529 college savings plans. Beginning on January 1, 2018, account owners may take tax-free withdrawals up to $10,000 annually from their accounts for tuition expenses at public, private, or religious schools. This provision applies to elementary, middle, and high […]
The Tax Cuts and Jobs Act of 2017 – A Brief Review
Congress passed the “Tax Cuts and Jobs Act” last week. The President signed the legislation on Friday, December 22, 2017. The legislation can be found on the House Ways and Means website. Here is a brief review of the changes that will affect individual taxpayers: Income Tax Rates There will be seven income tax brackets: […]
How can I save for my children’s college education?
College. It is one of the biggest expenses that those who have children will face during their lives. Only home ownership and retirement present larger financial commitments for most Americans. The median price of a new home in the US was $300,200 in August of this year (US Census Bureau). Retired households spend an average […]
Do my retirement accounts count when applying for college financial aid?
Many parents may not be familiar with the process for applying for, and qualifying for, financial aid for college. They may also not know which assets hurt their chances for receiving financial aid, and which do not. Understanding the process is especially relevant, because parents are now able to begin filing for financial aid for […]