End of Year Tax Tips – Part 2

College Planning

529 Plans. 529 plans are college savings plans where the earnings grow tax free until they’re used for educational expenses.

Please contact Griffin Black soon if you’re interested in setting up a 529 plan.

Financial Aid. Your 2018 income will be used to determine your financial aid eligibility for the 2020-2021 school year. Methods to lower your income can increase your potential financial aid. For parents living apart, only the income of the parent that the student lived with for most of the year is considered. Having the student live with the lower income parent may increase financial aid eligibility.

 

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