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Stoking the college account: family finances.(2002 tax changes)
Provisions of the new federal tax law that takes effect Jan. 1 may give some help to families saving for college.
Bigger education IRAs. The annual contribution limit has been raised to $2,000 per child, and employers can now contribute. The accounts are known as Coverdell Education Savings Accounts. To make the full contribution, parents must have an adjusted gross income of less than $95,000 for single taxpayers and $190,000 for married couples. The money grows tax-free. The beneficiary pays no taxes on withdrawals as long as the funds are spent on higher-education expenses (tuition, room and board, books, and supplies). The law also applies to elementary-and secondary-school expenses.
Tax-free withdrawals from tuition programs. State-sponsored prepaid tuition and college savings programs, so-called Section 529 plans, offered by 46 states, allow relatives and friends to set aside money for a child's college expenses. Starting next year, withdrawals will be tax-free, making such plans more advantageous than traditional custodial accounts, which require students to pay ...
- Time Insurance launches Medical Savings Accounts: Annual interest paid and no...
- Press release article from: Business Wire November 25, 1996 700+ words
...company, is launching Medical Savings Accounts (MSAs) for individuals and...contributions to Individual Medical Savings Accounts can be deducted from income...policyholder's current taxable gross income. The funds accumulate on a...
- IRS provides guidance on contributions to HSAs. (health savings accounts)
- Magazine article from: The Tax Adviser Schell, Wayne M. November 1, 2008 700+ words
...contributions to health savings accounts (HSAs) under Sec...computing adjusted gross income, and distributions...are excludible from gross income as long as they are...expenses are included in gross income and are subject to...
- THE WHITE HOUSE: President Clinton introduces Universal Savings Accounts.
- Press release article from: M2 Presswire April 16, 1999 700+ words
...President Clinton introduces Universal Savings Accounts (C)1994-99 M2 COMMUNICATIONS...announced his Plan to Provide Universal Savings Accounts for Most Americans. These accounts...for retirement security. Universal Savings Accounts will give working American families...
- Medical savings accounts--Rx for the health care insurance system?
- Magazine article from: Rough Notes Biddle-Bruckman, Laura June 1, 1996 700+ words
...concept of medical savings accounts is not likely to...choices, medical savings accounts provide that option...account? Medical savings accounts, commonly called...be excluded from gross income. Portability would...
- Health Savings Accounts: Participation Grew, and Many HSA-Eligible Plan...
- General Accounting Office Reports & Testimony June 1, 2008 700+ words
...establishing Health Savings Accounts (HSA) to be coupled...report entitled Health Savings Accounts: Participation Increased...the average adjusted gross income (AGI) for those reporting...planning, Surveys, Health Savings Accounts
- Coverdell education savings accounts and the tax relief act of 2001. (Taxes).
- Magazine article from: Strategic Finance Kline, Stacy A. December 1, 2001 700+ words
...renamed Coverdell Education Savings Accounts. In addition to the new...by a taxpayer's adjusted gross income (AGI). Specifically...jointly" with an adjusted gross income of $160,000, the Education...jointly" with an adjusted gross income of $205,000 would get...
- SSgA Offers Medical Savings Accounts.
- Press release article from: Business Wire September 16, 1997 700+ words
...today it will offer Medical Savings Accounts with investment options in...of $945 taken directly off gross income. Assuming that none of the...available funds for Medical Savings Accounts, offers investors the added...
- Trigon introduces medical savings accounts in small group market.
- Press release article from: Business Wire May 12, 1997 700+ words
...combined with tax-deferred savings accounts for out-of-pocket medical...included in the employee's gross income. Any funds left in the MSA...for reimbursement from the savings accounts. Virginia-based Central...