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Can You Save TOO Much in a 529?

Nov 10th, 2021 • Damian Dunn
I never hear anyone discuss the implications of saving TOO much in a 529 for your child’s college. How do you know if you’re saving too much? And if you’re on target to hit your child’s goal before age 16, should you stop making contributions even if your state (IL) provides a tax benefit up … more »
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What Qualifies as a Dependent on Your Taxes?

Mar 23rd, 2021 • Damian Dunn
Tax season is here and so thoughts turn to…dependents. (Presumably, you are always thinking about your beloved dependents!) While you certainly know whom you consider to be dependent upon you, the definition of “dependent” is more nuanced for income tax purposes.  Understanding exactly who is (and who is not) a dependent has enormous implications for … more »
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Are Stimulus Checks and Unemployment Relief Taxed?

Jan 26th, 2021 • Gayle E.
Hello, I received unemployment with the extra $600 and I got both stimulus checks. I’m confused about what gets taxed and what doesn’t. My friend told me that the $600 and the stimulus checks aren’t going to be taxed. Is this true? And how do these payments affect my tax return? Thanks, Unemployed Dear Unemployed, … more »
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