News & Articles

Be Careful When Saving for Your Kids' Education

Posted on Mon, Feb 17, 2020

Here's a little-known secret for parents planning to send their children to college in the future: Some of the tax-saving moves you make now could hurt your student's chances for getting financial aid later.

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Tags: 401k Plan, Higher Education, Education

Learn the ABCs of Higher Education Tax Breaks

Posted on Wed, Aug 30, 2017

Back-to-school season is a good time to review the federal tax breaks that are currently available if you or a loved one will be attending college or graduate school this fall. After all, a higher education degree is one of the biggest investments you'll ever make.

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Tags: Education Credits, Higher Education, American Opportunity Credit

4 Tips for Claiming Higher Education Credits

Posted on Fri, Mar 24, 2017

The Internal Revenue Code offers two federal income tax credits for post-secondary education expenses: the American Opportunity credit, and the Lifetime Learning credit. (See "The Basics of Higher Education Credits" at right.)

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Tags: Higher Education, College Expenses, American Opportunity Credit

More Adult Children Opting to Live with Parents

Posted on Mon, Jun 13, 2016

What's the most common living arrangement for young adults today? For the first time in 130 years, more young people ages 18 to 34 opt to live with their parents, rather than move out on their own or with a spouse or friend, according to a recent study by the not-for-profit Pew Research Center. Here's more on this trend, including possible reasons, reactions from parents and their live-in adult children, and financial and social implications.

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Tags: Tax Breaks, Higher Education, Taxes, Kiddie Tax, Living Arrangements

Avoiding the 10% Penalty on Early IRA Withdrawals

Posted on Wed, Apr 06, 2016

For one reason or another, you may need to take some money out of an IRA before reaching retirement. You can withdraw money from an IRA at any time and for any reason, but it's important to keep in mind that most IRA withdrawals are at least partially taxable. In other words, you'll owe regular income tax on the amount. In addition, the taxable portion of a withdrawal taken before age 59 1/2, which is called an "early withdrawal," will be hit with a 10% penalty — unless you qualify for an exception.

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Tags: Traditional IRA, Health Insurance, Higher Education, SEP, IRA

Managing the High Cost of Higher Education

Posted on Wed, Jun 18, 2014
  Higher education is the key to a brighter future -- but the cost of pursuing undergraduate and graduate degrees is more than many Americans can afford. The cost for one year of tuition and fees varies widely among colleges. The average cost of tuition and fees for the 2013-2014 school year was $30,094 at private colleges, $8,893 for state residents at public colleges, and $22,203 for out-of-state residents attending public universities, according to the College Board.
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Tags: EHTC Article, student loans, Section 529 Plans, Education Credits, Higher Education, Articles, Education costs, Financial Aid