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We have engaged FORVIS, LLP (Attn: Jeff Rosno, 1801 California Street , Ste. 2900, Denver, CO 80202) to perform member verifications. Kindly compare the balance of your accounts on your December 2022 statement WITH YOUR RECORDS. If balances do not agree, please address your discrepancies directly to FORVIS, LLP. Include your name, truncated account number, and an explanation of the difference noted.  A reply is not considered necessary unless a difference is noted.

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We're Invested

Retirement, investments, financial planning for every stage of life—learn about it all here at Invested,
a blog from your Wealth Management Advisors at Kirtland Financial Services.

Higher Learning

By Kirtland Financial Services

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For many people, a 529 savings plan offers an opportunity to achieve an important life goal and improve overall financial health. As college and university administrators determine how higher education will look in the future (classes on campus, remote learning or a mix of both), the benefits of a 529 plan have never been more meaningful. Here are three benefits that are particularly important during these times – especially as the cost of higher learning continues to rise.

Study guide

A 529 plan is a tax-advantaged savings plan designed to help pay for education. Originally limited to postsecondary education costs, it was expanded to cover K-12 education in 2017. The two major types of 529 plans are savings plans and prepaid tuition plans. Savings plans grow tax-deferred and withdrawals are federally tax-free if they’re used for qualified education expenses. Prepaid tuition plans allow the account owner to pay in advance for tuition at designated colleges and universities, locking in the cost at today’s rates.

  1. Not only can 529 plan assets be used to pay for tuition and books, they can also pay for computers, internet access and other equipment. This will be especially important if remote learning continues indefinitely.
  2. The recently passed Setting Every Community Up for Retirement Enhancement (SECURE) Act expanded qualified expenses to include registered apprenticeship programs1 and repayment of college debt.
  3. Account owners have full control over 529 plan assets and can even be the beneficiary of their own account. This is a huge benefit for anyone looking to go back to school right now to advance their skills for the evolving work environment and new opportunities that may come with it.

Follow the money

Distributions from a 529 plan can be used to cover a long list of qualified education expenses at qualified institutions. Here’s a summary:

Qualified expenses


K-12                                                    

  • Tuition up to $10,000 per year per student

 

Postsecondary                                               

  • Tuition and fees
  • Books, supplies and equipment required for enrollment or attendance
  • Room and board (on- or off-campus for students who are at least half time)
  • Computer peripheral equipment, software and internet access if used primarily by the beneficiary
  • Special needs services as required by beneficiaries in connection with enrollment or attendance
  • Fees, books, supplies and equipment required for participation in a registered apprenticeship program1

 

Types of eligible institutions

  • In-state or out-of-state colleges
  • Public and private schools
  • Vocational schools
  • Technical and trade schools
  • International higher education institutions
  • Any public, private or religious elementary or secondary school
  • Registered apprenticeship programs1
  • Repayment of principal/interest on any qualified education loan up to a $10,000 lifetime limit for the designated beneficiary

1 Registered and certified with the U.S. Department of Labor.

This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

Kmotion, Inc., 412 Beavercreek Road, Suite 611, Oregon City, OR 97045; www.kmotion.com

©2021 Kmotion, Inc. This newsletter is a publication of Kmotion, Inc., whose role is solely that of publisher. The articles and opinions in this newsletter are those of Kmotion. The articles and opinions are for general information only and are not intended to provide specific advice or recommendations for any individual. Nothing in this publication shall be construed as providing investment counseling or directing employees to participate in any investment program in any way. Please consult your financial advisor or other appropriate professional for further assistance with regard to your individual situation.

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