970-249-7973
Campbell & Watson
  • Home
  • Our Team
  • Our Culture
  • Services
    • Individual
    • Business
    • Estate and Trust
    • Churches and Not For Profit
    • QuickBooks
    • Litigation Support and Forensic Accounting
  • Links
  • Contact
  • Downloads
  • FAQ
  • Blog

College Financial Planning

9/15/2016

0 Comments

 
Do you have a son or daughter in college this fall? Maybe one of your grandchildren is going off to school. College can be expensive, and it is good to find every avenue possible to help pay those school bills. But you should be careful when trying to claim the American Opportunity Credit (AOC) on your tax return.

A college student purchased a laptop for college and filled out Form 8863 to claim the AOC to pay for the computer. The IRS disallowed his claim because the laptop was not required as a part of enrollment in the school.

Here is an interesting option though. A Section 529 college savings plan is a little more lenient in what they allow tax free payouts for. If the laptop and software is to be used primarily for college, you can use your 529 plan to pay for it.
​

Let us know how we can help you minimize the cost of education by maximizing tax saving opportunities!
0 Comments

    Archives

    December 2020
    March 2019
    February 2019
    January 2019
    November 2018
    October 2018
    August 2018
    June 2018
    May 2018
    February 2018
    August 2017
    June 2017
    May 2017
    March 2017
    February 2017
    September 2016
    August 2016

    Categories

    All
    College
    EITC
    Farming
    IRS
    Marriage
    New Tax Law
    Payroll
    Planning
    Refund
    SCAM
    Small Business
    Tax

    RSS Feed

Hours

M - TH  8am - 12pm; 1pm - 5pm

Telephone

970-249-7973

Fax

Address

970-249-7826
306 S 3rd St
Montrose, CO 81401