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This assignment will give you an opportunity to do some education planning. Ple
This assignment will give you an opportunity to do some education planning. Please read the short scenario and then answer the questions.
Scenario: The Fitzgeralds are high-income clients ($1,000,000 taxable income each year) with a new grandchild, Kristin. They would like to discuss education planning for Kristin. They are interested in funding both her college studies and private school for K-12.
The two types of education savings accounts we have discussed are the Section 529 plan and the Coverdell Saving Account. Which would you recommend for them and why? Be sure to include the amount they are eligible to contribute to the fund each year.
How will these funds affect the education credits that can be used by Kristin’s parents when Kristin goes to college? The parents are expected to have AGI of about $150,000 when Kristin goes to college.
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