In these uncertain times there are so many changes and adjustments to financial situations—thus tax impacts. For today, I want to look a bit deeper into refunds received by college students who paid tuition from a 529 savings plan.
School starts soon for many students at universities and colleges around the region. Many of those students receive scholarships to help pay for school. While most scholarships are excluded from gross income, students need to be aware of situations where scholarships need to be reported as income and that income could be subject to federal income tax with a maximum tax rate of 37%.
Be sure to check out the full & original article HERE.
College athletes have recently asked me "what do you wish you would have known (and done) while in college?" In order to be better prepared for those conversations, I realized I had a few regrets (primarily for not taking action when I had the chance). My goal was to make sure the people I met with knew this so perhaps they wouldn't make the same mistakes.