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Education planning

When the student is ready to post-secondary education (after high school), itu2019s time to arrange for necessary withdrawals from the account. As long as the funds are used for u201cqualifiedu201d expenses, the withdrawals from the plan balance will not be subject to taxation. The IRS publishes a list of what college expenses qualify for tax-free treatment.<br>Larson Wealth Management, LLC is a Registered Investment Adviser. Advisory services are only offered to clients or prospective clients where LarsonWealth Management and its representatives are properly licensed or exempted.

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Education planning

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  1. Education Planning Services

  2. Give Your Child A Priceless Gift • When the student is ready to post-secondary education (after high school), it’s time to arrange for necessary withdrawals from the account. As long as the funds are used for “qualified” expenses, the withdrawals from the plan When the student is ready to post-secondary education (after high school), it’s time to arrange for necessary withdrawals from the account. As long as the funds are used for “qualified” expenses, the withdrawals from the plan balance will not be subject to taxation. The IRS publishes a list of what college expenses qualify for tax-free treatment.

  3. Limits On Tax-Free Treatment • To prevent abuse of this generous tax benefit, the IRS places limits on how much can be withdrawn free of tax. Each educational institution publishes a list of the estimated cost of attending their school. The IRS allows the withdrawals from the 529 Plan account to be counted as tax-free withdrawals as long as your actual educational costs do not exceed the amount published by the institution.

  4. Excess Funds • If your student does not use all of the funds in the 529 Plan account, you can withdraw the excess For example, here is a recent total cost estimate provided by Arizona State University. Withdrawals that exceed the cost limits will be subject to normal income tax.

  5. ARE YOU READY TO CREATE A COLLEGE SAVINGS PLAN? • Getting started is easy.  The first step is to let us know how we can help you.  Just fill out the simple contact form below and we will be in touch with you right away – or just call us at 480-699-5540.

  6. Larson Wealth Management Tempe, Arizona Click here to schedule a free consultation to discuss your college savings needs

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