Prepare for 2024 taxes by organizing forms, documenting charitable contributions, maximizing retirement savings and reporting rental income. Advance preparation can make the tax filing process smoother.
Recent changes to the FAFSA form and process include a simpler form, fewer questions and a revised eligibility formula.
College students may want to secure legal documents to ensure their parents can access important information and help them in medical emergencies.
The last two years of high school can be particularly important as students approach the final college decision.
Families may want to prepare a comprehensive plan for college, including actions to take during high school, and consider how a 529 plan can guide savings.
Many families think about college savings during the month of May and seek to learn more about 529 plans.
Considering the broader tax benefits, 529 plans may be a more tax-efficient way to save for college than custodial accounts.
The SECURE 2.0 Act, signed into law in late 2022, was a follow-up to the original SECURE Act passed in 2019. The bill included more than 90 different provisions scheduled to be phased in over several years.
Important changes to the FAFSA filing will take effect this year and impact student aid levels for some families.
Families with college-bound students may want to consider a plan with a dual approach to help achieve college planning goals.