Are scholarships tax-free or taxable?

Are scholarships tax-free or taxable?

With the rising cost of college, many families are in search of scholarships to help pay the bills. If your child is awarded a scholarship, you may wonder about how it could affect your family’s taxes. Good news: Scholarships (and fellowships) are generally tax-free...
Are scholarships tax-free or taxable?

Are scholarships tax-free or taxable?

COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition bills. If your child has been awarded a scholarship, that’s cause for...
Congress gives a holiday gift in favorable tax provisions

Congress gives a holiday gift in favorable tax provisions

As part of a year-end budget bill, Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced that President Trump will sign the Further Consolidated Appropriations Act of 2020 into law. It also...
Use a Coverdell ESA to help pay for your child’s education

Use a Coverdell ESA to help pay for your child’s education

There are several ways to save for your child’s or grandchild’s education, including with a Coverdell Education Savings Account (ESA). Although for federal tax purposes there’s no upfront deduction for contributions made to an ESA, the earnings on the contributions...