529 Distributions & College Refunds

529 Distributions & College Refunds

Important to remember as we try to get our college students back to school:  Distributions from 529 plans must be used to pay qualifying expenses incurred during the tax year.

If you receive a refund of tuition, fees, or room and board paid from 529 plan funds, put that money back into the 529 plan within 60 days.

See this article for more specifics.

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Thinking ahead to tax season: Do you know what’s taxable?

Thinking ahead to tax season: Do you know what’s taxable?

The tax laws have changed. Take Kiplinger’s Personal Finance Quiz to find out if you know what IS and what IS NOT taxable. If your results show you need more help with determining what is taxable, please feel free to give our office a call. Your accountant will be happy to help you determine what you need to include on your 2018 tax return!

https://www.kiplinger.com/quiz/taxes/T055-S003-is-it-taxable/index.html

 

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