Gain an understanding on how to use different 529 plans as an effective way to save for future costs of higher education.
Investments in 529 plans have reached nearly $250 billion as of mid-2015. Recently, 529 plans have been prominently discussed when President Obama proposed and then retracted his plan to tax distributions from 529 plans. Learn what all the fuss was about and also find out why 529 plans are considered one of the most effective ways to save for the future costs of higher education. This topic will provide an introduction to understanding the legal requirements that 529 plans face; the types of 529 plans available in the market place; the types of investment options that 529 plans typically proved; the income, gift and estate tax consequences of investing in a 529 plan; what an investor or advisor should look at when evaluating 529 plans; and the regulatory atmosphere facing 529 plans.
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Agenda
Qualification Under Section 529 of the Internal Revenue Code
- Prepaid Programs
- By a State, Agency or Instrumentality
- By One or More Eligible Educational Institutions
- Savings Programs
- Investment Direction Limitations
- Prohibition on Excess Contributions
- Other Qualification Requirements
Tax Treatment of Contributors and Designated Beneficiaries
- Qualified Distributions
- Qualified Higher Education Expenses
- Nonqualified Distributions
- Additional 10% Federal Penalty Tax
- Distributions Due to Death, Disability, Scholarship or Attendance at a Military Academy
- Rollovers
- Coordination With Other Education Incentives
Gift and Estate Tax Treatment
- Gift Tax; Five Year Gift Election
- Estate Tax
- Generation Skipping Transfer Tax
Types of 529 Plans
- Prepaid Plans
- Direct Sold Plans
- Advisor Sold Plans
Investment Options
- Age-Based Portfolios
- Static Portfolios
- Other Investment Options
- Money Market Funds
- Savings and CD Options
State Tax and Other Benefits
Evaluating 529 Plans
SEC/MSRB/NASD Issues That Affect 529 Plans
Other Tax-Favored Educational Incentives
- Coverdell ESAs
- U.S. Savings Bonds
- IRA Distributions
- Hope and Lifetime Learning Credits
- UGMA/UTMA Accounts
Financial Aid
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on January 20, 2016.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
James W.C. Canup
Hirschler Fleischer
- Tax Practice Chair at the Richmond, Virginia based law firm of Hirschler Fleisher
- Advises individuals, partnerships, and corporations on the tax consequences of their business and other transactions
- Quoted in The Wall Street Journal, The New York Times, USA Today, U.S. News and World Reports, Accounting Today and other leading publications on tax matters
- Has written articles for Trust & Estates, Financial Advisor and other publications
- Recognized by Virginia Business as a member of Virginia’s “Legal Elite” since 2009
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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