Taxes Done?
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Due Monday…
Complicated year for us this year…Figuring out which of Luke’s college costs were deductible and which weren’t… Selling Karla’s business only car in August and buying the new car used for both… We had an MCC for the first half of the year, then lost it when we refinanced but gained the Home Office Deduction. We also found out that Luke’s 529 was no longer eligible for Virginia Income Tax Deduction, so had to switch Finley’s to another plan going forward…
Might be time to start paying a tax planner…
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Good accountants and good lawyers are sometimes a necessity.
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“I am fond of pigs. Dogs look up to us. Cats look down on us. Pigs treat us as equals.” ~Winston S. Churchill
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@Mik said in Taxes Done?:
You should be able to figure it out without an accountant.
Absolutely. And I was…
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@jon-nyc said in Taxes Done?:
Explain the 529 thing? I mean the specific tax issue?
My VA based niece is due in August and my intention is to jumpstart a 529 for them.
Make sure it’s a VA529 plan… Some of the national ones aren’t tax deductible for VA Income Tax…
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Sure but what was your issue? You were trying to fund Luke’s 529 while he was in college? I can see why that’s not allowed. But what does that have to do with Finley?
Or were you trying to use just one 529 for them both thinking you’d switch beneficiaries at some point? You’re allowed to do that but then yeah you wouldn’t be able to fund for Finley while taking distributions for Luke.
