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Brief Insights | Meeting Provider Relief Fund Reporting Requireme...
VIEWpoint Issue 2 | 2021
2021-2022 Tax Planning Guide
Proposed Regulations for Inherited IRAs Bring Unwelcome Surprises
CFPB’s Approach to Regulations
How To Identify Your Accounting Software Budget in 3 Easy Steps
Coverdell Education Savings Accounts (ESAs), like 529 savings plans, offer a tax-smart way to fund education expenses:
However, if Congress doesn’t extend this treatment, distributions used for precollege expenses will be taxable starting in 2013. So you can’t count on using tax-free ESA funds to pay these expenses next year – which essentially means as soon as the second half of the new school year.
Barring congressional action, ESAs will become less attractive in 2013 for an additional reason: The annual ESA contribution limit per beneficiary, currently $2,000, will go down to $500 for 2013. Contributions (both in 2012 and 2013) are further limited based on income.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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