When it comes to saving for education, individuals have a variety of options when it comes to the type of savings plan to use. Some types of savings arrangements include tax-advantaged accounts that have certain restrictions, while other types of accounts do not provide tax benefits but offer more flexibility.
Read MoreWhat are the different roles commonly seen on a Coverdell ESA application? When can the designated beneficiary of an ESA be changed? When can the responsible individual of an ESA be changed?
Read MoreThe Consolidated Appropriations Act, 2021, was signed on December 27, 2020. Although there is no broad employee benefit relief, the Act contains some provisions—coronavirus- and non-coronavirus-related—that pertain to retirement and health savings plans.
Read MoreDrawing on its own retirement plan and consumer-directed healthcare account data, Ascensus offers a unique, comprehensive perspective into how Americans are saving for the future.
Read MoreHigher education expenses can be overwhelming, even for the most diligent 529 account savers. Some of your clients may want to consider supplementing their education savings with Roth IRA savings to help pay for college.
Read MoreTax Reform 2.0, if enacted by Congress, would make significant changes to tax-advantaged savings arrangements. The House may vote on this legislation by the end of September.
Read MoreWhat is the difference between a qualified and a nonqualified distribution from a Coverdell ESA? Does a penalty tax apply to a nonqualified distribution?
Read MoreWhat are some benefits of an ESA compared to other types of accounts? What are some of the pitfalls? Can a customer open an IRA for his child to pay the child’s education expenses?
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