| S.T.Kim Company, LLC Certified Public Accountants |
Our Mission
To maximize benefits for
our clients by going above
and beyond all others.
our clients by going above
and beyond all others.
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Save for your childs education while saving on taxes!
| Section 529 Plans: The Prepaid College Trust Plan |
With the cost of higher education rising continuously, one way to avoid
the increased cost of higher education is to enroll in a Prepaid
College Trust Plan. This plan will enable you to lock in a college
education for your child at today's prices.
The following are some facts concerning Prepaid College Trust Plans:
No income limits on who can contribute.
Account allows for tax free growth.
Account must be used for higher education. Amounts used for higher
education are not subject to tax.
Account is limited to maximum of $350,000 per student.
Student has 10 years after high school to use the funds in account.
Any funds not used up after 10 years can be transferred to another
student, or withdrawn back by contributor. Any amounts withdrawn
back back by contributor will be subject to tax and penalty of 10% on
the earnings.
Any contributions to savings plan is considered as a gift and is
subject to the $13,000.00 annual gift limitations.
Contributor can deduct up to $4,000/$2,500 per account on Va/Md tax
return with no income limitations.
the increased cost of higher education is to enroll in a Prepaid
College Trust Plan. This plan will enable you to lock in a college
education for your child at today's prices.
The following are some facts concerning Prepaid College Trust Plans:
No income limits on who can contribute.
Account allows for tax free growth.
Account must be used for higher education. Amounts used for higher
education are not subject to tax.
Account is limited to maximum of $350,000 per student.
Student has 10 years after high school to use the funds in account.
Any funds not used up after 10 years can be transferred to another
student, or withdrawn back by contributor. Any amounts withdrawn
back back by contributor will be subject to tax and penalty of 10% on
the earnings.
Any contributions to savings plan is considered as a gift and is
subject to the $13,000.00 annual gift limitations.
Contributor can deduct up to $4,000/$2,500 per account on Va/Md tax
return with no income limitations.
| Contact us: 301-495-3086 410-685-3040 email: stkimcompany@gmail.com |