An oil processing facility at Abqaiq and the nearby Khurais oil field was attacked on Saturday.Marketsread more
"There is reason to believe that we know the culprit," Trump said in a post on Twitter.Politicsread more
Stocks fell on Monday amid fears that a surge in oil prices following an attack in Saudi Arabia could slow down global economic growth.Marketsread more
President Donald Trump signaled Iran is not telling the truth about the drone attacks on Saudi Arabia's largest oil facilities.Oilread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
U.S. Secretary of Energy Rick Perry spoke to CNBC's "Squawk on the Street" on Monday following a series of drone attacks on Saudi Arabia's oil facilities caused the largest...Oilread more
Perry says it's too soon to say whether the U.S. will need to use its emergency crude reserves to offset the surge in oil prices.Oilread more
An extended Saudi oil outage could push Brent crude prices north of $75 per barrel, Goldman Sachs warned clients.Marketsread more
As investors worry about oil supply, airline and cruise ship stocks are getting hit, while some energy stocks are shooting upward.Marketsread more
Consumers in the U.S. prefer Apple's more expensive models, while the standard iPhone 11 appears to be more attractive to buyers in China, according to analyst Ming-Chi Kuo.Technologyread more
The Times updated an article detailing a previously unreported accusation against Supreme Court Justice Kavanaugh from when he was a Yale University student, noting that "the...Politicsread more
As of Monday, parents will be able to ramp up on tax savings to help cover the cost of private school.
The Tax Cuts and Jobs Act has expanded the use of 529 plans – accounts that allow savers to accumulate money and pay for college on a tax-free basis – to include elementary and secondary school expenses at public, private or religious institutions.
That means individuals can take up to $10,000 in distributions annually from their 529 plans to pay for private school tuition and books through 12th grade – in addition to using their account proceeds for college costs.
"It's a great way to start saving for school, especially with the new tax bill going into law and hopefully offering larger refunds," said Jeff Fosselman, a certified public accountant and senior wealth advisor with Relative Value Partners in Northbrook, Illinois.
Individuals can also save on state and gift taxes when making contributions into the 529 plan.
Here's how to get the most out of this tax-advantaged savings account.
More than 30 states offer income tax deductions for 529 plan contributions.
Be aware that limitations may apply to your particular state: Most jurisdictions require that you pick your home state's plan in order to qualify for the deduction, said Fosselman.
Also bear in mind that your state's plan may not be the best one for you in terms of fees and performance.
For instance, in 2017, Morningstar gave its highest ratings to the Bright Start College Savings plan in Illinois, Invest529 in Virginia, the Vanguard 529 College Savings Plan in Nevada and the Utah Educational Savings Plan. Morningstar's ratings include price and performance, along with other considerations.
To get the most tax savings out of your 529 plan, it's best to fund the account and let it accumulate free of taxes.
"If you use it as a slush fund – you put in $10,000 and take out $10,000 – you get the state income tax deduction, but no tax-free growth," said Jeffrey Levine, a CPA and director of financial planning at BluePrint Wealth Alliance in Garden City, New York.
Anyone can make a contribution to your child's 529 plan, but those who are feeling especially generous can front-load the account with a large contribution.
Contributions to these savings plans qualify for the gift-tax annual exclusion, which is $15,000 per recipient in 2018 ($30,000 for benefactors who are married).
Givers can maximize their tax savings by giving up to five years' of gifts in one year – or $75,000 per recipient – to a 529, and do so free of gift taxes.
Well-to-do relatives can also pay for beneficiaries' tuition or medical expenses free of taxes – even if those costs exceed the annual gift tax exclusion – provided the payments go directly to the provider of these services.
"If you're making the payment directly to the college, it's unlimited," said Fosselman of Relative Value Partners.
Parents of special needs children have only recently been able to access a tax-advantaged savings account that will allow them to use their funds for a range of expenses, including housing and long-term health care.
Thanks to the tax overhaul, families can roll over money that's in a 529 plan into an ABLE account without any penalties.
Be aware that this provision only applies to distributions made from 2018 through the end of 2025.
More from Personal Finance
Tax changes are coming Monday: Here's when it will affect you
Last-minute rush to prepay taxes gives way to confusion and anger
Tax bill provisions may help parents defray this massive cost
Five last-minute tips for paying for college