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Single-Premium fixed Deferred Annuity used for qualified education expenses?
Wiki User
∙ 14y ago
Most SPDA have surrender charges for 7-10 years. Also most allow you to take only 10% of the total amount during the surrender period. Also you would be hit with a 10% tax penalty if under 59 1/2 and it would be taxable income for that year. Using a 529 plan from your state would be a better way to pay for college.
Wiki User
∙ 14y ago
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What do you do with the 1099-Q form?
If there were qualified education expenses equal to the distribution you don't do anything. If the expenses exceed the distribution amount the difference can be claimed as an education credit or tuition and fees adjustment. If the distribution exceeded the qualified expenses see Publication 970 to figure the taxable amount.
What is the name for reimbursement accounts for qualified medical and childcare expenses?
What is the name for reimbursement accounts for qualified medical and child care expenses? A. cafeteria plans. B. deferred compensation plans. C. option plans. D. flexible spending accounts. d
What is a plan that covers all qualified higher education expenses is known as the?
college savings plan
Which 529 plan covers all qualified higher education expenses?
collage saving plan
What is Deferred int expenses?
Deferred int expenses is a term used in accounting for business and finance. It is used to refer to the interest on loans and payments, which is considered an expense that is deferred, or expected to be paid at a later date.
What types of educational expenses are deductible?
Qualified education expenses are tuition and certain related expenses required for enrollment or attendance at an eligible educational institution. Click on the below related link for more information and details.
What is the journal entry for deferred revenue?
As it is a advance receipt the journal entry would be cash dr. to deferred revenue
What are the five categories of adjusting entries?
deferred expenses, deferred revenues, accrued expenses, accrued revenues and estimated expensesAdjustments to the enterprise's accounts can only be made in the time period when the business terminates.
What is a qualified expense for 529?
A student's qualified higher education expenses at an eligible educational institution.Go to the IRS gov web site and use the search box for Publication 970, Tax Benefits for Education go to chapter9 Qualified Tuition Program (QTP)Click on the below Related Link
Can preliminary expenses be included in deferred revenue expenditure?
yes it is a part of deffered revenue exp
Are 529 college savings plans set up with pre-tax or after-tax money?
Qualified tuition programs (QTPs) are also called "529 plans." States may establish and maintain programs that allow you to either prepay or contribute to an account for paying a student's qualified education expenses (defined later). Eligible educational institutions may establish and maintain programs that allow you to prepay a student's qualified education expenses. If you prepay tuition, the student (designated beneficiary) will be entitled to a waiver or a payment of qualified education expenses. You cannot deduct either payments or contributions to a QTP. For information on a specific QTP, you will need to contact the state agency or eligible educational institution that established and maintains it. Generally, the investment gains are either favorably or not taxed.
Can a purchase of a computer for school be deducted on taxes?
Yes this is possible as an adjustment to income using the 1040 income tax return on page 1 line 34 Tuition and Fees deduction (Attach form 8917). IF all of the rules are met by the taxpayer to be a qualified student at a qualified education institution in the 2009 or 2010 tax year. For 2009 and 2010, qualified education expenses include expenses paid or incurred for the purchase of computer technology, equipment, and Internet access to be used by the beneficiary and his or her family while enrolled at an eligible educational institution. Qualified expenses include ordinary and necessary expenses paid in connection with books, supplies, equipment (including computer equipment, software, and services), and other materials used in the classroom. Qualified expenses do not include expenses for home schooling or for nonathletic supplies for courses in health or physical education. For more information about the rules that have to be met and the form 8917 that you will have to use for the Tuition and fees deduction on line of the 1040 tax form go to the IRS gov web site and use the search box for Publication 17 go to chapter 19 Education- Related Adjustments Also use the search box at IRS gov for the FORM 8917
