SUBSCRIBE
Enter your Name and Email address to get
the newsletter delivered to your inbox.
Please include name of person that directed you to my online newsletter so I can thank them personally.
Beth A. Botti, CFP®, ChFC, CLU, CDFA™
Financial Consultant
California Insurance License #0G24537
612 Wheelers Farms Road, Milford, CT 06460
Phone: 203-877-6556 Ext. 169
Fax: 203-301-0736
Email: beth.botti@equitable.com
March/April 2018
College Tax Breaks
A college education isn’t cheap, but there are some tax-advantaged ways to save for this expense. Here are a few:
Coverdell ESA
You can establish a Coverdell Education Savings Account (ESA) in the name of any child under age 18 or a special-needs beneficiary. The contribution limit is $2,000 annually until age 18 for each beneficiary. Check with your tax professional to learn if your modified adjusted gross income qualifies to make Coverdell contributions in a given tax year.
Contributions are not tax-free, but potential earnings are tax-deferred. Withdrawals are tax-free when used for qualified education expenses not only at an accredited college, but at elementary, secondary and vocational schools.
AOTC
Get a tax credit of up to $2,500 for the cost of tuition, certain required fees and course materials for higher education with the American Opportunity Tax Credit (
AOTC
). You can take this dollar-for-dollar credit up to the amount of federal taxes owed every year for four years of qualified study.Lifetime Learning Credit
Claim the
Lifetime Learning Credit
for qualified tuition and related expenses, including courses to acquire or improve job skills, of up to $2,000 per tax return. To qualify for either education credit, you must meet annual income limits. You can’t take more than one education benefit for the same student in a tax year.GE 129810 (9/17)(Exp 9/19)
CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
Duly registered and licensed financial professionals offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN), offer investment advisory products and services through Equitable Advisors, LLC, an SEC-registered investment advisor, and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of Utah, LLC in UT; Equitable Network of Puerto Rico, Inc.). Equal Opportunity Employer - M/F/D/V. Equitable Advisors and its associates and affiliates do not provide tax, accounting, or legal advice or services. Representatives may transact business, which includes offering products and services and/or responding to inquiries, only in state(s) in which they are properly registered and/or licensed. Your connection to this website does not necessarily indicate that the sender is able to transact business in your state. The information in this website is not investment or securities advice and does not constitute an offer. For more information about Equitable Advisors, LLC you may visit https://equitable.com/crs to review the firm's Relationship Summary for Retail Investors and General Conflicts of Interest Disclosure.
GE-6572038.1 (4/24)(Exp. 4/26)
CFP®, and CERTIFIED FINANCIAL PLANNER™ are certification marks owned by the Certified Financial Planner Board of Standards, Inc. These marks are awarded to individuals who successfully complete the CFP Board's initial and ongoing certification requirements.
www.equitable.com
Check the background of this investment professional on FINRA's BrokerCheck
Equitable Advisors, LLC and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.