Q. My son is a high school junior, and he’s going to a summer college program. I have college money saved in a 529 plan and an UTMA. Can I use those funds for tuition? Also, can I take any of the college tax breaks on my return? A. You can use UTMA funds for … Read more
With college expenses at some of the best schools now exceeding $ 60,000 per year, education-related expenses are often one of the biggest obstacles many baby boomers face when saving for their own retirement. For many families, planning for a college education goes hand in hand with IRA’s and retirement planning. Retirement Assets are Exempt … Read more
Dear Carrie, My daughter was lucky enough to receive a significant college scholarship. Is this considered taxable income to her? And does her scholarship limit my ability to claim an education tax credit? — A Reader Dear Reader, First congratulations to your daughter — and to you. Her scholarship can be a significant financial boost … Read more