Don’t let money get in the way of your kids‘ best education
529 & Education Savings Plans For Dummies helps you sort through the vast amount of information about education savings accounts and choose the plans that are best for you and your family. A college or private K-12 education is generally parents‘ single largest expense for their children. 529 plans and 530 plans (Coverdell accounts) are relatively solid investment vehicles that can make saving for college much easier, providing tax advantages that other types of investments can’t match. Education savings can be part of your overall wealth accumulation strategy, and this book can show you which plans are right for you, help you decide when to start saving, and guide you through determining how much to save per year in order to meet your goals–and help your kids meet theirs.
* Learn about the different types of tax-sheltered and tax-advantaged ways to save for education
* Create a saving and investment strategy that makes sense for your family
* Demystify the 529 and 530 plan rules and maximize your tax advantage
* Help set your kids on the path to success and to their college of choice
This is the perfect Dummies guide for parents or family members who want to begin saving for a college or K-12 education and who may want to supplement their current savings with tax-sheltered, education-specific accounts, or tax-advantaged investment accounts that may be used for education funding.
Inhaltsverzeichnis
Introduction 1
Part 1: Figuring Out the Cost of Education — and How to Pay It 7
Chapter 1: Braving the New World of Education Savings 9
Chapter 2: Checking Out Education Costs 19
Chapter 3: Realizing All Your Resources 35
Chapter 4: Sharpening Your Savings Techniques 49
Part 2: Piecing Together Section 529 Plans 67
Chapter 5: Laying Down the Basics of Section 529 Plans 69
Chapter 6: Applying Section 529 Plans to Your Household 93
Chapter 7: Weighing the Pros and Cons of Section 529 Plans 115
Part 3: Uncovering Coverdell Accounts 137
Chapter 8: The Changing World of Coverdell Education Savings Accounts 139
Chapter 9: The Mechanics of Coverdells 161
Chapter 10: Figuring the Pluses and Minuses of Coverdell Accounts 187
Part 4: Filling in the Gaps: More Ways to Save for College 201
Chapter 11: Saving for College with Qualified US Savings Bonds 203
Chapter 12: Setting Up Personal Investment Accounts for Yourself and Your Kids 215
Chapter 13: Saving for Education in Trust Accounts 231
Chapter 14: Saving in Your Retirement Plans: The IRA Dilemma 243
Chapter 15: Buying, Selling, or Refinancing Real Estate 253
Chapter 16: Funding Education Using Whole Life Insurance 269
Chapter 17: Accessing Scholarships and Awards 283
Chapter 18: Turning On the Financial Aid Faucet 301
Part 5: The Part of Tens 315
Chapter 19: Ten Musts for Successful Savings 317
Chapter 20: Ten Ways to Dodge the Tax Code Minefield 325
Appendix: Section 529 Plans, State by State 333
Index 379
Über den Autor
Margaret Munro is an enrolled agent and tax professional with decades of experience handling her clients‘ sensitive tax cases. She is also a personal finance counselor, as well as the co-author of Taxes For Dummies.
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