February 20th, 2016
TAX TIP OF THE DAY... trick for 529 college plan withdrawals
Tuitions credits are great, but can't be used if you pay tuition with 529 college plan funds. BUT WAIT... there's a trick. You can still use tuition credits if you make a special election to pay a small tax on the 529 plan earnings. Many times this little known election can save you hundreds or even thousands of dollars!
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If you need a tax appointment... www.baboiancpa.com
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David S. Baboian, CPA