President Joe Biden referred to the most recent $600 stimulus check as a “down payment.” In keeping with his promise, Congressional leaders are working hard to pass a $1.9 trillion stimulus proposal that will include a provision aimed at putting $1,400 stimulus payments into more hands than previous payments reached.
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Contributions to a traditional IRA may be tax deductible in the contribution year, with current income tax due at withdrawal. Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in addition to current income tax.
Prior to investing in a 529 Plan investors should consider whether the investor’s or designated beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.
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