Form 529 (Education savings)

Discussion in 'Trucker Taxes and Truck Financing' started by zany_steverino, Mar 14, 2019.

Page 2 of 2

Mar 14, 2019 #11

kemosabi49 Trucker Forum STAFF Staff Member

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Jan 13, 2013

SW Arkansas

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zany_steverino said: ↑

I "might" be getting an overseas job next year. Too early to say for certain. First $80k is tax free. The employment opportunity pays between $130-$250k based on location.

I asked a tax accountant about putting the tax free amount into a 529 for my children's education expenses. He asked me why I would put tax free money in it, as I should be putting the taxed earnings in the 529 so those earnings don't get taxed.

Huh???

He explained that any money put into a 529 is tax deductible, so I should keep the tax free earnings and put the taxed earnings in the 529. The interest accumulated from the 529 is also tax deductible.
Click to expand...

2018 Foreign Earned Income Exclusion was $104,100. Probably will edge up a little more this year. But to qualify you have to work out of the country for a year and be out of the country for a minimum of 330 days.

kemosabi49, Mar 14, 2019

kemosabi49, Mar 14, 2019

#11

zany_steverino Thanks this.
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