| Learning Library Quick Answers Tax Planning |
Scenario: When someone takes a MEC loan, earnings are taxed and penalized when a loan is taken. Does this have to be treated on th....
Answer: The funds must be rolled over to a new 529 plan within 60 days or the amount will be subject to tax and penalty on the ear....
Answer: The cost of college classes taken while a student is attending high school may qualify for the education tax credit if the....
Scenario: Is the interest on a home equity line of credit tax deductible if itis used to pay off credit card debt and other non-ho....
Answer: It is a one time election for that particular loan. Once the election is made for those loan proceeds, it can not change. ....