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529 Plan
A 529 plan, also called a Qualified Tuition Program, is a tax-advantaged investment vehicle in the United States designed to encourage saving for the future higher education expenses of a designated beneficiary. In 2017, K–12 public, private, and religious school tuition were included as qualified expenses for 529 plans along with post-secondary education costs after passage of the Tax Cuts and Jobs Act. Overview 529 plans are named after section 529 of the Internal Revenue Code—. While most plans allow investors from out of state, there can be significant state tax advantages and other benefits, such as matching grant and scholarship opportunities, protection from creditors and exemption from state financial aid calculations for investors who invest in 529 plans in their state of residence. Contributions to 529 college savings plans are made with after-tax dollars. Once money is invested in the account, it grows tax-free, and withdrawals from the plans are not taxed w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Advantage
Tax advantage refers to the economic bonus which applies to certain accounts or investments that are, by statute, tax-reduced, tax-deferred, or tax-free. Examples of tax-advantaged accounts and investments include retirement plans, education savings accounts, medical savings accounts, and government bonds. Governments establish tax advantages to encourage private individuals to contribute money when it is considered to be in the public interest. Benefits Tax advantages provide an incentive to engage in certain investments and accounts, functioning like a government subsidy. For example, individual retirement accounts are tax-advantaged since they are tax-deferred. By encouraging investment in these accounts, there is a reduced need for the government to support citizens later in life by spending money on welfare or other government expenses. Capital gains tax rate benefits may also spur investment. Types of tax-advantaged accounts and investments Retirement plans The most ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inheritance Tax
International tax law distinguishes between an estate tax and an inheritance tax. An inheritance tax is a tax paid by a person who inherits money or property of a person who has died, whereas an estate tax is a levy on the estate (money and property) of a person who has died. However, this distinction is not always observed; for example, the UK's "inheritance tax" is a tax on the assets of the deceased, and strictly speaking is therefore an estate tax. Inheritance taxes vary widely between countries. History There was a steep increase in the number of countries that implemented inheritance taxes throughout the 19th and early 20th century. From 1960 onwards, inheritance taxes declined in prevalence as numerous countries repealed theirs. For historical reasons, the term "death duty" is still used colloquially (though not legally) in the UK and some Commonwealth countries. The estate tax in the United States is sometimes referred as "death tax". Other taxation applied to inherita ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Guaranteed Education Tuition Program
The Guaranteed Education Tuition Program, or GET Program, is one of two 529 college savings plans administered by Washington College Savings Plans (WA529). WA529 is part of Washington Student Achievement Council, an agency of the U.S. state of Washington for residents of the state. GET is a 529 prepaid tuition savings plan, while Washington's other plan, DreamAhead, is a 529 college investment plan. As with any 529 plan, account owners invest in the program on behalf of a beneficiary – typically the owner's child or grandchild – in order to prepay for expenses associated with the beneficiary attending a higher education institution. Overview The GET Program is a prepaid 529 plan, and accounts may only be opened by, or on behalf of, residents of the state of Washington. The value of an account is dictated by the quantity of "units" purchased. Units have a purchase value and a payout value which are subject to increase yearly. The U.S. dollar payout value of one unit is always e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uniform Transfers To Minors Act
The Uniform Transfers To Minors Act (UTMA) is a uniform act drafted and recommended by the National Conference of Commissioners on Uniform State Laws in 1986, and subsequently enacted by all U.S. States, which provides a mechanism under which gifts can be made to a minor without requiring the presence of an appointed guardian for the minor, and which satisfies the Internal Revenue Service requirements for qualifying a gift of up to $17,000 for exclusion from the gift tax. It is a more flexible extension of the Uniform Gifts to Minors Act (UGMA), and allows the gifts to be real estate, inheritances, and other property. The Act allows the donor of the gift to transfer title A title is one or more words used before or after a person's name, in certain contexts. It may signify their generation, official position, military rank, professional or academic qualification, or nobility. In some languages, titles may be ins ... to a custodian who will manage and invest the property until ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gift Tax In The United States
A gift tax, known originally as inheritance tax, is a tax imposed on the transfer of ownership of property during the giver's life. The United States Internal Revenue Service says that a gift is "Any transfer to an individual, either directly or indirectly, where full compensation (measured in money or money's worth) is not received in return." When a taxable gift in the form of cash, stocks, real estate, gift cards, or other tangible or intangible property is made, the tax is usually imposed on the donor (the giver) unless there is a retention of an interest which delays completion of the gift. A transfer is "completely gratuitous" when the donor receives nothing of value in exchange for the given property. A transfer is "gratuitous in part" when the donor receives some value, but the value of the property received by the donor is substantially less than the value of the property given by the donor. In this case, the amount of the gift is the difference. In the United States, t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CBS News
CBS News is the news division of the American television and radio broadcaster CBS. It is headquartered in New York City. CBS News television programs include ''CBS Evening News'', ''CBS Mornings'', news magazine programs ''CBS News Sunday Morning'', ''60 Minutes'', and ''48 Hours (TV program), 48 Hours'', and Sunday morning talk show, Sunday morning political affairs program ''Face the Nation''. CBS News Radio produces hourly newscasts for hundreds of radio stations, and also oversees CBS News podcasts like ''Major Garrett, The Takeout Podcast''. CBS News also operates CBS News 24/7, a 24-hour digital news network. Up until April 2021, the president and senior executive producer of CBS News was Susan Zirinsky, who assumed the role on March 1, 2019. Zirinsky, the first female president of the network's news division, was announced as the choice to replace David Rhodes (CBS News President), David Rhodes on January 6, 2019. The announcement came amid news that Rhodes would step do ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Opportunity Tax Credit
The American Opportunity Tax Credit is a partially refundable tax credit first detailed in Section 1004 of the American Recovery and Reinvestment Act of 2009. The act specifies: # Provisions were originally specific to tax years 2009 and 2010, later extended, and finally made permanent by the Bipartisan Budget Act of 2015, for the first 4 years of post-secondary education. # Increases the Hope credit to 100 percent qualified tuition, fees and course materials paid by the taxpayer during the taxable year not to exceed $2,000, plus 25 percent of the next $2,000 in qualified tuition, fees and course materials. The total credit does not exceed $2,500. # 40% of the credit is refundable. # This tax credit is subject to a phase-out for taxpayers with adjusted gross income in excess of $80,000 ($160,000 for married couples filing jointly). The act directs several Treasury studies: # Coordination with non-tax student financial assistance; # Coordinate the credit allowed under the Federal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Student Financial Aid (United States)
A student is a person enrolled in a school A school is the educational institution (and, in the case of in-person learning, the Educational architecture, building) designed to provide learning environments for the teaching of students, usually under the direction of teachers. Most co ... or other educational institution, or more generally, a person who takes a special interest in a subject. In the United Kingdom and most The Commonwealth, commonwealth countries, a "student" attends a secondary school or higher (e.g., college or university); those in primary or elementary schools are "pupils". Africa Nigeria In Nigeria, Education in Nigeria, education is classified into four systems known as a 6-3-3-4 system of education. It implies six years in primary school, three years in junior secondary, three years in senior secondary and four years in the university. However, the number of years to be spent in university is mostly determined by the course of study. Some courses ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax In The United States
The United States federal government and most State governments in the United States, state governments impose an income tax. They are determined by applying a tax rate, which Progressive tax, may increase as income increases, to taxable income, which is the total income less allowable tax deduction, deductions. Income is broadly defined. Individuals and corporations are directly taxable, and estates and trusts may be taxable on undistributed income. Partnership taxation in the United States, Partnerships are not taxed (with some exceptions in the case of federal income taxation), but their partners are taxed on their shares of partnership income. Residents and citizens are taxed on worldwide income, while nonresidents are taxed only on income within the jurisdiction. Several types of tax credit, credits reduce tax, and some types of credits may exceed tax before credits. Most business expenses are deductible. Individuals may deduct certain personal expenses, including home mort ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
