Here's an overview of three types of 529 plan distributions. *Qualified withdrawals. When you take money from the account to pay for college education expenses such as tuition, fees, books, supplies, and equipment, the withdrawals are generally tax- and penalty-free, no matter the age of the account beneficiary. Caution: Part of the distribution may be…Read more
If you are like millions of taxpayers who work in the service industry, you may receive tips. The tax code is clear; if you receive tips you must report them as income. Some employers have systems to make this easy, while others do not. Here are some suggestions: Think 1-2-3 Proper tip reporting has three…Read more
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Changing jobs and companies can be an exciting opportunity, but you have a choice to make. What will you do with the retirement savings you have accrued in your 401(k)? Consider these four choices: 1. Withdraw the money and don't reinvest it. This is usually the worst choice you can make. Generally, you'll owe taxes…Read more