Can I Use My 401(k) to Pay for My Child’s Education?

Let’s face facts; college is expensive. No parent wants to see their child saddled with thousands upon thousands of dollars in debt, or sacrificing decades of financial well-being to repay it. Student loans are a serious burden; one that I’m sure you’d do anything to help them avoid.Since many parents of college-aged children have been contributing to a 401(k) for many years, it can be tempting to use some of those funds to help pay for their child’s education. If you are considering using Read more [...]

IRS Announces 2018 Tax Rates

Few people look forward to paying their taxes, but nonetheless the Internal Revenue Service has announced its 2018 tax rates, along with associated deductions, credits and exemptions. Highlights of the 2018 Tax Rates Highlights include adding another $500 to the maximum annual contribution to most of the numbered retirement plans, along with the government's Thrift Savings Plan. Numbered Plans The maximum contribution for 401(k) plans is rising to $18,500 in 2018, up from $18,000 in 2017 -- this Read more [...]