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Taxpayers are allowed to gift up to $13,000 per year to an unlimited number of people without having to file a gift tax return or pay a gift tax. If the amount goes over $13,000 to any one individual, then a gift tax return must be filed. This is done on IRS Form 709, United States Gift Tax Return. Connecticut taxpayers required to file a federal … Continue reading »
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:
According to the College Board, the average cost of tuition at a public school increased by 6.5% last year. The average increase in tuition at a private school was 4.4%. This put the average cost of tuition, room and board, and fees at $15,213 for the public school and $35,636 for private school.