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Financial tax tips, help, planning, and advice for college students or parents of college students. |
Coverdell Education Savings Account (ESA) |
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Time to roll it over into a 529 plan?
Section 529 plans may only be used to pay for qualified higher education (post-secondary) expenses. Currently, Coverdell ESAs may be used to pay for qualified higher education expenses or qualified elementary and secondary education expenses (K-12). However, unless a new law extends this provision, Coverdell ESAs can no longer be used for K-12 expenses after 2010.
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American opportunity tax credit |
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Should your child claim the credit?
The AOTC is a partially-refundable tax credit to help make college more affordable. A refundable tax credit allows a taxpayer to receive a refund if the amount of the taxpayer’s tax credit exceeds the taxpayer’s income tax liability. The AOTC is refundable up to a maximum of 40 percent ($1,000) of the maximum tax credit of $2,500.
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The Lifetime Learning Credit can help offset some of the expenses of continuing your education.
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The Hope Credit can help with the cost of higher education for each qualifying student in the first 2 years of college or vocational school.
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When applying for financial aid, you may be asked to provide a copy of your federal income tax return. If you previously filed Form 1040 (1040, 1040A or 1040EZ), then you may use Form 4506 to request the IRS send a copy of your tax return to a third party. If your previous return was prepared by Copper Canyon Tax and Financial Services, contact us to arrange pickup of a duplicate copy.
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For some, a 529 Plan is the best investment plan to pay for school. This is true for people trying to play catch-up, or those having a windfall to put into a college savings account. But Coverdell Education Savings Accounts are another great way to start a nest egg for those little ones you hope to send off to college one day.
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