Rachel Cohn, 60 Days, Sepa discussed on Money Matters with Ken Moraif
So we're gonna take a break, And when we come back, we're gonna have strategies to maximize your soul security benefits. So stay tuned. This is money matters, and I am Ken more Wraith during the pandemic out of an abundance of caution. A number of colleges did not allow students to come on campus as a result, room and board was refunded. What you did with that money and where it came from matters. Rachel Cohn, SEPA and managing partner Aja Cone, Cosa and Company says If it came out of a 5 29 account, you have to return it when you got the reforms. You have 60 days to put that money back in the 5 29 point because you didn't spend it on room and bored to Khan says the distribution must match the year The money was used. If you don't return the money, expect attacks belt. Here's why, When you open up a 5 29 college fund for your kids or grandkids, you don't get a tax deduction, but the money grows tax free. If you don't want to pay taxes and avoid a 10% penalty on earnings, you have to use it for college expenses on Lee I'm Ellis stacked in Rossini. He shark when stocks go high, but beware when they start to descend. It's then that those allows says go back to their spouse said Diamonds are a girl's best. And we are back. This is.