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What Happens to My Child’s 529 Plan in a Divorce?

In many divorces, parents spend a lot of their time negotiating the terms of equitable distribution of their assets and spousal support. Because child support terms are largely dictated by state law, there’s not as much deliberation in that area. And caught in the middle are things like 529 plans, which are assumed to be the ‘child’s’ asset, but are in fact usually the asset of one of the parents. Not accounting for this in a divorce might lead to unfortunate consequences down the road, even for the most well-intentioned families.

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6 Ways To Avoid Going Into Debt After a Divorce

In many divorces, money is a primary cause of the divorce. This is supported by numerous studies conducted by a range of people. Whether it’s from Dave Ramsey or academia, it’s pretty clear that many divorces happen because of fights over money.

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9 Mistakes You Can Make When Transferring Your Ex-Spouse’s Defined Contribution Plan into an IRA—And How to Avoid Them

In many divorces, a qualified retirement plan (such as a 401k) can be the largest asset for the spouses to divide. This is especially true when there isn’t a house at stake. While each employee should be familiar with the rules (or be able to talk with their plan administrator), this can be a big challenge for the non-employee spouse. In most cases, the spouse has had little or no knowledge of the qualified plan details, because that’s what the employee spouse usually did.

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5 Things To Consider About the Impact of TCJA on Post-Divorce College Planning

The Tax Cuts and Jobs Act of 2017 (TCJA) made two significant changes that have a direct impact to post-divorce college planning. Alimony payments are no longer taxable to the recipient, and no longer tax deductible to the payor. College savings plans (also known as 529 plans) can now be used for K-12 education (up to $10,000 per year). This can be used for public, private, or religious schools.

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9 Questions To Consider When Submitting an IRS Tax Payment Plan

For taxpayers who owe more in taxes than they are currently able to pay, the IRS does allow you to enter into a tax payment plan. You might even think of this as a loan (with applicable penalties and interest). However, unlike other lenders, the IRS requires you to come up with the terms on how you intend to repay the outstanding balance. The IRS then decides if those terms are acceptable or not.

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