Pay attention to timing. There is no IRS ruling yet whether withdrawing money from a 529 account in one year and using it the next is allowed or not.
Make sure the expenses qualify. Double-check that you allowed to withdraw 529 savings to pay for college bill.
Take any scholarships or tax credits into account. The federal govt offers a number of tax credits worth up to $2500 per student.
Act fast on fixes. You are allowed only one rollover for each 529 account you own within any 12-month period.
Check before you make a big gift. Assets you contribute to a 529 account no longer count as part of your estate even if you the account owner. Each grandparent can contribute up to $14,000 a year in 529 account for each child without incurring gift taxes or $70,000 in one fell swoop, using up to five years of gifts at once. Still, people who make five-year gifts have to file a federal gift-tax form to make sure they get the full exemptions.
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Here is the easy way of saving for college tax free , in an index universal life policy. Call Connie for no elaborate taxes college plan 408-854-1883 motherhealth@gmail.com CA Life Lic 0G60621.
1yr old pension +saving plan up to $3.6M at age 65 with health benefit
1yr old pension +college plan have $61k cash at age 16
1yr old pension +college plan with access to $1.5M when health threats occur
Connie Dello Buono
Money coach and wealth strategist for tax-free retirement
1708 Hallmark Lane San Jose CA 95124
PS. Ask me for 6% index annuities and 13- 17% index universal life policies
Published by connie dello buono
Connie Dello Buono is based in Sunnyvale California. Her first ebook is about women's health, Birthing Ways Healing Ways and her recent one is about cancer prevention, Curated Healing Ways. She had helped women have holistic childbirth as childbirth educator, founded Motherhealth, to serve seniors in the bay area with holistic caregivers and blogs at www.clubalthea.com with more than 10,000 health and finance related posts.
Connie trains her own caregivers, which are the favorites of most bay area seniors who are home bound and alone.
She is active in the rehab and nursing facilities, volunteering on music and movement for seniors.
She is a member of Lion's club and offered scholarships to students in the Philippines.
She is active at churchinsunnyvale.us and has Fridays Bible home study in Sunnyvale using the recovery version of the Bible , free at biblesforamerica.us
She loves dancing and teaching and her courses can be found at
https://teachclub.com/@thriveafter60
She is California Life Insurance licensed providing life insurance for older adults with health issues and helping women retire safely with income for life.
at menloassetca.com , she helps with 401k rollover.
3 Benefit plans
- Mortgage protection using term life insurance to pay for mortgage balance in event of death
- Final Expense plan using Single Issue Whole Life Insurance, with cash back, disability benefit and guaranteed in the presence of health issues
- Fixed Index Annuity retirement plan for safe, accessibility, less fees, less taxes, avoids probate as it goes directly to beneficiaries, rate of return with no downside market participation.
She brings compassion and understanding to the needs of her clients, bringing holistic approach in health and life insurance. Her goal is to free families from worries especially during covid with caregivers and life insurance in the presence of health issues, especially for women.
She can be reached at 408-854-1883 , motherhealth@gmail.com
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