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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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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