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Education Planning - Coggle Diagram
Education Planning
ESA Plan
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Allows for up to 2,000 dollars to be deposited per year
Earnings such as interest, dividends, etc are not subject to tax
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529 Plan
College Savings plans
Basic plan that allows the beneficiary to invest in many mutual funds, and other investments in order to save for college
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17,000 distributions can be made whilst avoiding the gift tax // can do lump sum of 85 over 5 years
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Education Tax Credits
Lifetime learning credit is up to 2,000
for qualified expenses
American Opportunity credit is up to 2,500