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Can grandparents directly pay college tuition for their grandchildren?
Yes, grandparents can directly pay college tuition for their grandchildren without incurring gift tax consequences, as long as the payments are made directly to the educational institution.
What does first generation refer to in terms of financial aid?
It means you will be the first generation in your family to earn a college degree. So if neither your parents or grandparents have a college degree, you would be a first generation college student.
What is the difference between a prepaid tuition plan a college savings plan?
one covers all college expenses, while the other covers only tuition
Can I open a 529 college savings plan for my nephew?
Yes, you can open a 529 college savings plan for your nephew to help save for his future education expenses.
Where does the funds that are left over in a 529 account after all college expenses have been paid go to?
account holder
What is a 529 Plan and what are the benefits of having one?
A 529 plan is a savings plan for future college expenses. It is usually open for children by parents and grandparents and maintained until they need it for school expenses.
Can you get a tax deduction for a donation to a college?
no, no you cant
What are the college expenses before enrolling?
some expenses include applicaton fees and traveling expenses.
Which college expenses are tax deductible?
There are a few college expenses that are tax deductible. Tuition up to $4,000 can be deducted. Speak with an accountant for more details.
How can I save for college successfully?
You can save for the cost of future college expenses by using qualified tuition plans, such as a 529. This is a good way to save money for future college expenses that you may incur.
Can grandparents directly pay college tuition for their grandchildren?
Yes, grandparents can directly pay college tuition for their grandchildren without incurring gift tax consequences, as long as the payments are made directly to the educational institution.
Iam presently being garnish 25% of my salary every 2 weeks by the EDD. I live alone and support my son in college. Can I reduce the deduction. I dont have enough to make ends meet.?
If you provide proof of living expenses that show you cannot live on what is left after the garnishment, you can have the deduction reduced. However, if your son is over 18, you are not legally required to support him - therefore, that isn't a factor considered in determining your income they can take.
What is form 8917 used for?
Form 8917 is used for Tuition and Fees Deduction for many college students. You can read more at www.docstoc.com › Tax › Tax Forms Tax Form 8917 is for college students for tuition and fee's deduction. The form can be printed directly from the IRS website or mailed to you.
Deduct for College Tuition?
Many parents dread the tax season. They find out how much they owe in taxes and can become quite upset at the amount. Owing money in taxes is quite the drag. One way to eliminate high tax expenses is for parents to pay for the tuition of their children. If parents foot the bill for tuition expenses, then they are able to qualify for a $4,000 deduction on their taxes. This can be a great incentive for parents to pay for the education of their children. However, parents are unable to claim more than $4,000 in tax deductions for paying tuition expenses.
Can you get grant money to pay living expenses while attending full time online college classes?
You cannot get a specific grant to pay for living expenses, but just as in a traditional college and left over money that you get from any loans or grants you have is given to you to help assist with living expenses .
Can you use student loans for rent?
Yes, It can depending on how you explain yourself to the Lender.
I was just released from a five year prison term, can I receive grants for clothing , a vehicle, and living expenses while attending college?
i was just released from prison can i get grants for living expenses while attending college
