When considering a college student’s eligibility for financial aid, who owns their 529 account makes a difference. Sarah Mouser, writing for Advisor Perspectives explains. “Parent-owned 529 plans are treated differently than grandparent-owned 529 plans when applying for financial aid and completing the free application for student aid (FAFSA).” “When a 529 plan is owned by…
Day: May 26, 2020
Health Savings Account limits for 2021
Participants in high-deductible health plans (HDHP) can contribute to tax-advantaged Health Savings Accounts. “For 2021, the annual limit on deductible contributions is $3,600 for individuals with self-only coverage under an HDHP (a $50 increase from 2020) and $7,200 for family coverage (a $100 increase from 2020).” “For 2021, the lower limit on the annual deductible…