European Parliament Library

529 & education savings plans, Margaret A. Munro

529 & education savings plans, Margaret A. Munro
index present
Literary Form
non fiction
Main title
529 & education savings plans
Nature of contents
Responsibility statement
Margaret A. Munro
Series statement
for dummies
Table Of Contents
Intro -- Title Page -- Copyright Page -- Table of Contents -- Introduction -- About This Book -- Conventions Used in This Book -- Foolish Assumptions -- How This Book Is Organized -- Part 1: Figuring Out the Cost of Education - and How to Pay It -- Part 2: Piecing Together Section 529 Plans -- Part 3: Uncovering Coverdell Accounts -- Part 4: Filling In the Gaps: More Ways to Save for Education -- Part 5: The Part of Tens -- Icons Used in This Book -- Beyond the Book -- Where to Go from Here -- Part 1 Figuring Out the Cost of Education - and How to Pay It -- Chapter 1 Braving the New World of Education Savings -- Doing the Numbers -- Figuring up the costs -- Finding resources to help you save -- Saving efficiently -- Exploring Section 529 Plans -- Following the rules -- Making your money work for you -- Choosing the best options -- Checking Out Coverdell Accounts -- Understanding the rules and regulations -- Getting the most from your Coverdell account -- Seeing if Coverdell accounts work for you -- But Wait! There's More! -- Rediscovering U.S. Savings Bonds -- Saving for education the old-fashioned way -- Putting your faith in a trust fund -- Saving in your retirement accounts -- Accessing your home equity -- Using cash value stashed in your whole life insurance policies -- Identifying sources of free money -- Borrowing to fill in the gaps -- Maximizing Your Savings, Minimizing Your Tax -- Chapter 2 Checking Out Education Costs -- Dissecting the Total Bill -- Tackling tuition -- Accounting for housing -- College-owned housing -- Local rental properties -- Factoring in books and supplies -- Looking into the Costs of Various Types of Schools -- Enrolling in career and vocational training schools -- Taking community college and continuing education classes -- Going for a four-year public education -- Getting your education in privateGoing on to Graduate School -- Pushing Forward to Professional Studies -- Online and Low-residency Learning: The Wave of the Future -- Chapter 3 Realizing All Your Resources -- Identifying How Parents Can Contribute -- Accessing additional assets -- Counting on your current income -- Accepting Help from Family -- Contributing to established savings plans -- Promising to pay -- Understanding the Tax on Gifts -- Understanding the gift tax -- Splitting gifts -- Getting excited about the applicable credit -- Checking out the exceptions -- Section 529 plan exception -- Qualified education expenses paid exception -- Figuring out the Generation-Skipping Transfer Tax (GSTT) -- Seeking Out Student Sources -- Working part-time and summer jobs -- Going after scholarships, prizes, and awards -- Chapter 4 Sharpening Your Savings Techniques -- Focusing on the Family Budget -- Eliminating most of the fat -- Making lists of where you are now -- Carving away the truly wasteful -- Reorganizing what's left -- Lowering your debt -- Trimming other costs -- Changing Your Perspective - Watching Your Savings Grow -- Paying yourself first -- Systematically saving -- Earmarking certain pieces of income for savings -- Educating yourself about investing -- Know what you're buying -- Understand and be able to live with risk -- Balance risk and expectations against future monetary needs -- Identify the cost -- Read the fine print about total returns -- Taking advantage of giveaways -- Credit card offers -- Upromise and -- Dealing with Debt -- Understanding good debt and bad debt -- Saving while in debt -- Saving Throughout the Ages -- Beginning at, or even before, birth -- Getting in gear during the teen years -- Finding out it's never too late to start saving -- Part 2 Piecing Together Section 529 Plans -- Chapter 5 Laying Down the Basics of Section 529 PlansDiscovering the Parts of 529 Plans -- Figuring Out the Qualifying Criteria -- Making sure your plan qualifies -- Making sure your student qualifies -- Making sure expenses qualify -- Qualified expense limitations -- Exceptions to tax-free distribution rules -- Contributing to a 529 Plan -- Figuring out whether you can contribute -- Estimating how much you can contribute -- Gift and Generation-Skipping Transfer Tax considerations -- Contribution limits imposed by the states -- Picking Your Plan -- Discovering the different plans -- Prepaid tuition plans administered by the states -- Prepaid tuition plans administered by educational institutions -- Savings plans -- Guaranteed savings plans -- Weighing the 529 plan features -- Checking how your state income tax is affected -- Transferring and rolling over plans -- Opening accounts with funds from a UGMA/UTMA account -- Opening multiple accounts -- Assessing the risk -- Chapter 6 Applying Section 529 Plans to Your Household -- Finding the Best Plan for You -- Creating a 529 checklist -- Looking at state-run plans -- Considering mutual fund plans -- Opening a Plan -- Funding a Plan -- Making an ACH transfer/writing a check -- Automatically scheduling bank withdrawals -- Making contributions through payroll withholdings -- Managing Your Investments -- Selecting an investment strategy that works for you -- The element of risk -- Short-term versus long-term investing -- Age-based management -- Management through asset allocation -- Identifying and changing a strategy that has gone haywire -- Taking Qualifying Distributions -- What Does Uncle Sam Have to Say? -- Reporting contributions: Income tax versus gift/GST tax -- Reporting distributions -- Reporting for purposes of future financial aid awards -- Chapter 7 Weighing the Pros and Cons of Section 529 Plans -- Pondering the Pros of Section 529 PlansHigher returns than traditional savings and investment accounts -- Flexibility of funding -- No taxes to pay (at least for now) -- Working Around the 529 Shortcomings -- Finagling financial aid implications -- When the plan owner dies -- Transferring plan ownership -- Gift/GSTT Consequences -- Estate tax consequences -- Death of a designated beneficiary -- Making choices if your child skips college -- Changing beneficiary designations -- Terminating the plan -- Limiting penalties for too much money -- Minimizing the blow for retrieving savings to weather hard times -- Nonqualified distributions to yourself or your designated beneficiary that trigger an additional tax -- Nonqualified distributions to or for the benefit of the beneficiary, without penalty -- Having money left over after graduation -- Remembering that you own the unused funds -- Changing beneficiaries -- Calculating taxes on unused funds -- Part 3 Uncovering Coverdell Accounts -- Chapter 8 The Changing World of Coverdell Education Savings Accounts -- Covering the Basics -- Understanding Coverdell differences -- Knowing who owns the account -- Identifying qualifying students -- Age limitations at the time of contribution -- Age limitations at the time of distribution -- Saving for disabled and special-needs students -- Recognizing qualified education expenses -- Qualified expenses for elementary and secondary education -- Qualified expenses for higher education -- Following investing rules and regulations -- Making Account Contributions -- Spelling out contribution limits -- Aggregate annual contributions per beneficiary -- Annual contributions per contributor -- Gift tax and Generation-Skipping Transfer Tax consequences -- Looking at income phaseouts for contributors -- Getting rid of excess contributions -- Withdrawing the excess -- Paying the excise taxAbsorbing excess contributions -- Taking Distributions -- Transferring Accounts and Changing Account Beneficiaries -- Qualifying relationships for successor-designated beneficiaries -- Maximum age of the successor beneficiary -- Rolling over Coverdell accounts -- Transferring into a Section 529 plan -- Transferring due to divorce -- Chapter 9 The Mechanics of Coverdells -- Getting a Handle on What You Want -- Opening a Plan -- Shopping for a place to open your account -- Meeting the initial requirements (besides money) -- Devising an Effective Investment Strategy -- Understanding your investments -- Regarding risk -- Choosing growth stocks versus value stocks -- Comparing mega-cap to nano-cap companies, and everything in between -- Looking at your bond options -- Taking advantage of dollar cost averaging -- Doing your research -- Selecting Investments and Placing Buy Orders -- Paying Into a Coverdell Education Savings Account -- Managing Your Account -- Watching your investments with respect to the overall markets -- Making the most of investment flexibility -- Timing your contributions and withdrawals to gain maximum benefit -- Making Distributions -- Keeping track of distributions and qualified expenses -- Using distributions for nonqualified expenses -- Determining income for tax purposes -- Adding insult to injury: The 10 percent penalty -- Chapter 10 Figuring the Pluses and Minuses of Coverdell Accounts -- Knowing the Pluses of Coverdells -- Having total control -- Benefiting from tax-deferred and tax-exempt growth -- Paying for primary and secondary school expenses -- Dealing with Coverdell Snags -- Minimizing a Coverdell account's impact on financial aid awards -- Spending down your student's Coverdell account early -- Rolling over your student's Coverdell account into a Section 529 plan -- Transferring the money to another beneficiaryClosing the account and completely distributing the proceeds to your student
Five hundred twenty-nine and education savings plans
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