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Does the endlessly rising cost of college tuition keep you up at night? Strategies for funding higher education are never far from any parent’s mind.
The College Board published results from its annual survey of public and private four-year colleges and universities. For years 2013-2014, the survey reports annual tuition costs ranging from $8,893 (public institutions) to $30,094 (private nonprofit institutions). After factoring the additional costs such as room and board, the total cost rises from $18,391 (public institutions) to $40,917 (private nonprofit institutions) per year. What's more alarming is that the 2.9% increase in tuition seen in years 2013-2014 is the smallest percentage increase in over 30 years. Higher education is expensive, and tuition costs are not projected to decrease any time soon.
The good news is that there are some tax-advantaged options to achieve savings for college. The Investment Plan and the Guaranteed Savings Plan are both offered by Pennsylvania. Similar plans are also sponsored by other states, but may not necessarily offer the same advantages. The Pennsylvania-sponsored plans include the following benefits:
With the rising costs of tuition and related fees, it's never too early to start planning.
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The general rule under Internal Revenue Code §451 is that an item of income shall be included in gross income for the taxable year or receipt unless ...