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According to the College Board the average tuition for a 4 year private education is $39,518 per year. The average cost of a 4 year in- state public education is $17,860. Either way, it’s a lot of money.
Form 709, is required to be filed if a gift is made to someone for more than $13,000 in one year. Gifts between spouses are not required to file. Gifts can be made to an unlimited number of people in a year provided they are below the $13,000 per person annual exclusion.
Next to saving for retirement, your biggest financial challenge is probably saving for your child’s college education. College costs have skyrocketed! People wonder how they will afford the cost of a college education in the future. A 529 College Savings Plan is a very simple way to save money for your child’s college education. The benefits are tremendous. Here are some highlights of the plan:
The RMD is back and is required for 2010 and all future years. Taxpayers over age 70½ must take a required minimum distribution from their IRA's and other qualified retirement plans. For 2009, the government removed the requirement for one year.
Recently my son turned 18. In Connecticut this is considered the age of majority. In other words, he can make his own decisions. Well, that's what the law says. However, he's still living under my roof, so he’s got to deal with me. It's probably more accurate, though, to say that I have to deal with him.