Before making a gift to someone, it’s important to understand how it will be taxed and the IRS’s annual and lifetime gift tax ...

While technically you can tap your 529 plan for whatever amount you want, only withdrawals made for 'qualified education ...

Maryland Gov. Wes Moore recently signed the $67 billion state budget for 2026 (HB 352) that will make significant changes to the state’s tax ...

When locals and visitors make purchases in the Wilmington area, they pay sales tax. Here's how sales tax works and how much ...

My life partner of 17 years and I want to create wills. He has two financially unstable adult children. I have no children.

Republicans in the United States Congress are pushing for an increase in taxes on US universities, under a new bill that narrowly passed in the House of Representatives last Thursday. The bill’s ...

Marni Rose McFall is a Newsweek reporter based in London, U.K. Her focus is on internet trends, U.S. politics and popular culture. She has covered fashion, culture, art and music extensively.

or any other tax-advantaged plans such as the Health Savings Account (HSA) and the Coverdell Education Savings Account (ESA). Common triggers for Form 5329 include taking an early distribution to ...

The guidance on using the alternative method to distribute Form 1095-C was issued by the IRS on February 21, 2025, and essentially mirrors the existing guidance for alternative distribution of ...

CESAs and QTPs are tax-advantaged investment accounts designed to pay for qualified higher education expenses. A 1099-Q form will identify the amount made from the account in gross distributions ...

1099-Q: Payments from Qualified Education Programs Generally, income received on Form 1099-Q is tax-free as you’ll most likely have received this form due to distributions from qualified tuition ...