jim@blankenshipfinancial.com (Jim Blankenship) | FIGuide

The SECURE Act and Student Loans

Jan 03 2020

The recent passing of the SECURE Act brought about some changes that have impacted savers and retirees alike. Required minimum distributions (RMDs) from retirement account have now been raised to age 72. Also, gone is the ability to “stretch” required distributions from retirement accounts to non-spouse beneficiaries (with few exceptions). One potentially beneficial change comes from the broadening of the expenses 529 college savings plans can cover. 529 plans are tax-advantaged savings plans that allow parent, grandparents, and other relatives to save money for education. Contributions grow tax-deferred and withdrawals for qualified expenses are tax-free. In the past, qualified expenses included, tuition, books, fees, etc. With the passing of the SECURE Act, another provision has been added that allows account owners to pay for student loan principal and interest. This new rule allows up to $10,000 maximum to be used to pay for outstanding student loans. In addition, the SECURE […]

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IRS warns of gift card scam

Dec 02 2019

A new scam is making the rounds – a caller impersonates an IRS agent and demands payment in the form of a gift card. Here’s what to look out for.

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529 Plan Beneficiaries

Nov 15 2019

Owners (usually parents) of 529 plans set them up for the purpose of funding future college education expenses for beneficiaries (usually their children). However, 529 plans allow for beneficiaries other than the owner’s children. Beneficiaries may be changed on 529 plans at the owner’s discretion. Who qualifies as a beneficiary for a 529 plan? According to IRS Publication 970, the following may be beneficiaries of 529 plans: The account owner. Son, daughter, stepchild, foster child, adopted child, or a descendant of any of them. Brother, sister, stepbrother, or stepsister. Father or mother or ancestor of either. Stepfather or stepmother. Son or daughter of a brother or sister. Brother or sister of father or mother. Son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-in-law, or sister-in-law. The spouse of any individual listed above. First cousin. 529 plans only allow one beneficiary per plan. Owners with multiple children or beneficiaries will need to determine their plan […]

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Noise

Oct 25 2019

Every day we are bombarded with information. It can be difficult to wade through this sea of data and pick out the material that means anything to us. Of course, it doesn’t help that the existence of 24-hour news channels, social media outlets, and the scuttlebutt around the water cooler make it difficult to avoid. So how do we filter all the noise and get only the information we really need? I’ll offer a few suggestions that have worked for me. Perhaps they can help you. Turn off the news. This was one of the biggest mood lifters and time savers that helped me. I made this decision about 4 months ago and decided to make a conscious effort to not watch the morning and evening news. I also cancelled my newspaper subscription (it wasn’t that great anyway). Consider reducing or elimination your social media usage. This can be hard […]

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Author - [email protected] (Jim Blankenship)

The SECURE Act and Student Loans

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