Tax Warrior Chronicles

Calculating Contributions to 529 College Savings Plans

Posted on Wed, Jul 21, 2021

by: Olivia M. Seneca, MBA


College costs have skyrocketed over the last 20 years, causing parents to desperately search for the best savings options for their children’s education. Thankfully, there are a variety of plans to help families start saving from day one. Today, we will discuss Pennsylvania 529 Education Savings Plans, how contributions are calculated, how plans can be beneficial for any family, and how they vary from other state plans.

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6 Keys to Unlocking the Power of 529 Plans

Posted on Wed, Feb 17, 2021

By: Ashley Hampton, MPA, Keisha Price, CPA, MST, and Febby Sugianto, MBA


A 529 plan is a tax-advantaged educational savings plan that, if approached thoughtfully, can help reduce the overall burden of a family’s educational expenses. As with most savings vehicles, starting early and contributing consistently is a major factor of overall accumulation of value; however, there are other things to consider to maximize to benefits of 529 plans. Today, we will focus on six keys to unlocking the power of 529 plans.

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529 Plans & COVID-19 Tuition Refunds - 60 Days to Act

Posted on Fri, May 15, 2020

There have been many adjustments to society due to the coronavirus; the largest, of course, being the extended stay-at-home order. With fears of the virus spreading, schools have quickly switched to online learning and closed campus dorms. Many students who paid for room and board have or will receive partial refunds from their learning institutions, possibly leading to an unexpected tax bill.  If a student, or their parents, used a 529 plan withdrawal to pay for qualified education costs and then received a refund from the educational institution it is important to take action within 60 days of receiving the refund. Here’s why…

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Taxation at Birth/Taxation at Death – The Circle of Life

Posted on Thu, Sep 19, 2019

By: Matt Lebo


As Disney’s live-action The Lion King plays in theaters all around the world, we are reminded of the fable’s signature song, “The Circle of Life.” Taxes are certainly a part of our lives at the beginning and at the end of life. Contemplating this truism, I thought I’d share six (6) tax considerations for those who have welcomed a newborn in 2019, as well as six (6) tax considerations for those who may have regrettably lost a loved one. 

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Back to School – Qualified Tuition and Related Expenses

Posted on Wed, Aug 21, 2019

By: Steven Rossman, CPA, MT


You’re buying tablets, notebooks, and writing big checks for tuition. That can mean only one thing…it’s back-to-school time!  Keeping track of these expenses is important to take advantage of certain tax credits and substantiating payments made from education savings plans. Today, we’ll talk about the IRS form that reports these expenses and some of the tax credits available for students and their parents.

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Talking Taxes with Kids – 529 Plans, IRAs and 401(k)s

Posted on Thu, Aug 15, 2019

By: Stacie L. Court, CPA, MST


There are many benefits to contributing early to education plans, IRAs, and 401k’s – the largest benefit being the advantage of time to compound funds in tax-advantaged accounts.   Children have many years to grow the earnings in these funds, but how do you talk to your kids about the complex world of investing in these types of funds and encourage them to start early? 

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529 Plans Expand in New Tax Law

Posted on Tue, Apr 03, 2018

By: Eric R. Elmore


Rising college tuition and related costs show no sign of slowing down. A tool designed to help you manage these costs is the tax-free 529 plan. However, with the signing of the new tax law last year, families can now use 529 plans to cover more than just college tuition.

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Millennial Series Part X: Saving for College - 529s vs. UTMAs

Posted on Tue, Nov 28, 2017

Planning for your child’s college education can be extremely stressful, especially with how much tuition seems to increase every year. We discussed several tax-saving options last week in a post. This blog post, however, will focus specifically on these popular options: 529 plans and accounts created under the Uniform Transfers to Minors Act (UTMA).

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Tax Help with Planning for College

Posted on Tue, Nov 07, 2017

By: Stefanie Ostrich, CPA


Those of us with children worry about the rising costs of college. However, with the right planning, you can find tax savings while both saving and paying for college.  In fact, from the time your bundle of joy gets their social security number, you can start saving for their education with significant tax advantages. In this post, The Tax Warriors® show you how.

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529 Plans – A Precautionary Tale

Posted on Thu, Sep 01, 2016

By: Steve Rossman, CPA, MT


With Labor Day almost upon us, kids (and grown-ups) are focused on back to school festivities.  As we discussed in a recent blog, 529 Plans are a powerful tool for funding higher education costs, which allows your contributions to grow tax-free for future qualified use.  Along with the many benefits of 529 Plans, you should also be aware of some reporting requirements, specifically when a parent or student is reimbursed directly from the 529 Plan.

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