Tax Rules Relating to 529 College Savings Plans
Income Tax. Contributions made by the account owner or other contributor are not deductible for federal income tax purposes. Earnings on contributions grow tax-free while in the program.
Distributions from the fund are tax-free to the extent used for qualified higher education expenses. Qualified expenses include tuition, required fees, books, supplies, equipment, and special needs services. For someone who is at least a half-time student, room and board also qualify.
Tip: In 2009, the American Recovery and Reinvestment Act (ARRA) added expenses for computer technology/equipment or Internet access to the list of qualifying expenses. Software designed for sports, games, or hobbies does not qualify, unless it is predominantly educational in nature. In general, however, expenses for computer technology are not qualified expenses for the American Opportunity Credit, Hope Credit, Lifetime Learning Credit, or tuition and fees deduction.
Gift Tax. For gift tax purposes, contributions are treated as completed gifts even though the account owner has the right to withdraw them - thus they qualify for the up-to-$13,000 annual gift tax exclusion. One contributing more than $13,000 may elect to treat the gift as made in equal installments over that year and the following 4 years, so that up to $65,000 can be given tax-free in the first year.
Estate Tax. Funds in the account at the designated beneficiary's death are included in the beneficiary's estate - an odd result, since those funds may not be available to pay the tax.
Funds in the account at the account owner's death are not included in the owner's estate, except for a portion thereof where the gift tax exclusion installment election is made for gifts over $13,000. For example, if the account owner made the election for a gift of $65,000 in 2011, a part of that gift is included in the estate if he or she dies within 5 years.
Tip: A Section 529 program can be an especially attractive estate-planning move for grandparents. There are no income limits, and the account owner giving up to $65,000 avoids gift tax and estate tax by living 5 years after the gift, yet has the power to change the beneficiary.
State Tax. State tax rules are all over the map. Some reflect the federal rules, some quite different rules. For specifics of each state's program, see http://www.collegesavings.org.
If you would like more information about 529 Savings Plans or saving in general for post please call us. We're more than happy to help. Contact our office at
508-540-3683 or email me directly at firstname.lastname@example.org
We were pretty excited when Everyday Health shared this article with us featuring Bethenny Frankel and yoga! Often as moms, we think and take care of ourselves last. On top of it when we do find time to think about "ME", we have a tiny window in which to make something happen before the kids, family, pets, house etc need us. Yoga is a great way to find those few minutes for yourself. You can also encourage your little ones to join with you. They are often quick learners and will rapidly mimic your moves trying to be just like mom. It ends up being a win win for both because we are leading by exampling a healthy lifestyle. Take a few minutes and enjoy the latest read, we hope it inspires you today! http://www.everydayhealth.com/fitness/bethenny-frankels-secrets-to-staying-fit.aspx
Congratulations to fellow Cape Cod Moms Kellie and Emily on winning the two amazing giveaways sponsored by Turning Pointe Dance Studio in East Falmouth.
Kellie won the 9 week session of Body Conditioning with instructor & owner: Laura Faria Scoirtino!
Emily won the 9 week session of Itsy Bitsy Yoga with instructor: Whitney Parker Marshall!
Cape Cod Mommies is happy to award these giveaways to our hardworking moms! As mothers, we are often the last ones we think about because we are so busy taking care of everyone else, we often forget to take some time to be healthy for ourselves, so some fun exercise classes are a must!
Congratulations Kellie & Emily!
Check out our friends at Turning Pointe Dance Studio for some amazing classes! Stay tuned for future giveaways!
Dear Cape Cod Mommies,
I’d love to invite you to the Coalition for Children’s annual Pre-Thanksgiving Pie Auction, Bake Sale & Toe Jam Puppet Band
Concert. This year’s auction will be on Saturday, November 19th, at the Oak Ridge School in Sandwich. The doors open at 9:00 am, so come on in, get a good Toe Jam watching seat, and then peruse the Live and Silent Auction tables. Make sure you get a program and a pencil so you can write down the numbers of the pies and goodies you want to bid on. By now, you might be getting hungry, so stop and get a snack at the Bake Sale table. The Toe Jam concert begins at 9:30. If you haven’t seen them before then you HAVE TO COME! They are entertaining (and a little crazy!) and the kids just love them. Our live auction begins at 10:30 am while the adults are bidding, there will be craft tables, a face painter, and an indoor (safe) obstacle course for the kids. This event is free to all families, and there will be a donation jar for those who like to contribute.
If, while reading this, you are saying to yourself, “Wait: I am a fabulous baker, and I’d really like to help support this community program,” please call Tina @ (508) 548 0151 x 172!
So if you have the morning of November 19th free, please join the Coalition for Children at the Oak Ridge School in Sandwich for some pie fun: we’ll dance, we’ll play, we’ll bid, and we'll celebrate this season of Thanksgiving!
The Coalition for Children is a non-profit, Parenting Support and Education program serving families in Falmouth, Mashpee, Sandwich, and Bourne. We offer Play and Learn groups, parenting classes, literacy
programs, workshops, and we also host local community events. All our programs are free and available to anyone raising children on the Upper Cape: last year we served over 1,100 local families!
Today I wanted to give tribute to a very talented toy maker:
I first heard of Lester Ruth in the fall of 2010, when my sister and girlfriend started talking about the toys they had seen at the Cotuit Craft Festival. They raved and raved about the toy they had just bought for our friends daughter.
The following year, my sister reminded me of the festival, so we packed up the car and headed on over. We talked excitedly about the toys as we drove. Upon arriving there were many vendors displaying some pretty amazing products; from hand carved wooden birds with exquisite details to homemade belt buckles and leather shoes. There were even some baby/toddler shoes for only $5! (I bought some of course). But I could not be swayed from finding this myth of a man whom everyone talked about.
We finally rounded the corner and found his display and I was instantly brought back to childhood!
The beautiful wooden toys gleamed on the table, aching to find a loving home with a family and a child who would love them as much as their maker had. There were trains that would delight any child, wooden boats with people that float, walking toys, dogs, dinosaurs, frogs, baby carriages and more. He even had wooden toys for adults! Old fashioned telephones, movie cameras, airplanes and cameras are sure to bring some nostalgia to many!
Lester didn’t disappoint either. He reminded me of slimmed down Santa Clause if you will. He had the snow white beard complete with the glasses, and a twinkle in his eyes. He picked up each toy lovingly and describes how he made it, what it is painted with, whether it has the ability to float, where the people can be moved to, etc. You could tell how extremely passionate he is about what he does and that is something rare to see.
Lester also gives a lifetime guarantee on his work:
“Since 1977, same terms:
Unconditional, unlimited guarantee of satisfaction. If you are ever dissatisfied with a toy you purchase from us, we will, at your sole discretion, give refund or exchange, make free repairs, always, postage paid both ways, collect calls accepted, personal checks are best, or money orders, we take visa, mc and amex. ….”
That’s pretty amazing! It is rare to find toys for our children these days that are American made with a lifetime guarantee, wooden, simple, and that our children will come back time and time and time again to play with.
We came away that day purchasing a 6 seater pull toy for my son while his Aunt bought him a wooden boat that could float in the tub. We knew at the time that these would be great birthday presents.
Since his birthday, my son remains obsessed daily with these two toys. He takes the wooden people out and puts them back, we talk about the colors of the people and I show him how they can slide through the boat. He chases after me as I pull the toy and then stands to mimic me and
tries to pull it along. We even brought it to our Mommy and Me Conditioning class and shared it with the other babies who also loved it! These are toys that will be well loved by our son and can be handed down from one generation to the next. They are well worth the investment to us.
So Mr. Lester Ruth, THANK YOU! Thank you for having the passion to create such simple yet wonderful toys!
Below I have put up a file of Lester Ruth’s order form and toys. He will also create custom pieces upon request. Happy Playing!
Congratulations to fellow Cape Cod Mom Melissa on winning the amazing giveaway sponsored by Silhouette Salon in Orleans! Melissa won a wash, cut, blow dry, manicure and facial wax... a $70 value!!! Cape Cod Mommies is happy to award these giveaways to our hardworking moms! As mothers, we are often the last ones we think about because we are so busy taking care of everyone else, so a well deserved pampering session is always a must!
Congratulations Melissa! Fellow Cape Cod Mommy member Heidi Thonus-Fougere will be your stylist-thanks Heidi and everyone at Salon Silhouette! Check out our friends at the salon: 57 Route 6A Orleans, MA! Stay tuned for future giveaways!
Your body needs a lot of different nutrients in order to function healthy and a good way to get most of them are beans. In beans there’s protein, the base for energy and muscle growth, calcium, the main material that your bones are made of, magnesium and potassium, for muscle and nerve function, as well as protein synthesis and flavonoids, to reduce coronary artery disease and cancer. They have also iron, for growth and development, thiamin, for heart nerves and muscles, phosphorus, for your teeth and bones, zinc and pantothenic acid, for the immune system and growth, pyridoxine, for blood, skin and nervous system. On top of that you can find riboflavin and niacin, that are good for your respitory systems. As you can clearly see, a lot of what your body needs you can get from legumes. But again, balance is the key to a healthy life – don’t eat the beans exclusively.
We think that all our Cape Cod Moms are so fabulous that we are going to offer 2 more giveaways for the month of October! That's right, that means currently we have 3 active giveaways going on for all our fabulous Cape Cod Moms!!!!
This newest one will have 2 winners courtesy of Turning Pointe Dance Studio But pay careful attention because you have to enter separately for each one!
The two Giveaways are.............
~ a 9 week session to Itsy Bitsy Yoga at Turning Pointe Dance Studio in Falmouth.
~ a 9 week session to Mommy & Me Conditioning at Turning Pointe Dance Studio in Falmouth.
* Both these giveaways apply to new clients only.
Here's How To Enter!
1. Please answer the following question by posting a comment for each entry.
To win the 9 week session of Itsy Bitsy Yoga:
What do you do to encourage physical activity with your child and as a family? - 1 ENTRY
To win the 9 week session of Mommy & Me Conditioning:
What kind of healthy physical or mental activity do you do for YOURSELF? - 1 ENTRY
2. Refer a friend to Cape Cod Mommies but make sure they message or post on our board that you referred them or you won't be entered to win! - 1 ENTRY per friend you refer who tells us you referred them! *Only New Members after 10/7/2011 apply
Please email email@example.com if you need help with any part of the posting.
2. No purchase necessary.
3. Void where prohibited or restricted by law.
4. Eligibility is limited to 1 prize per household.
5. All prizes must be claimed within thirty (30) days unless otherwise stipulated during the contest
6. Winners may be required to pick up prizes during business hours.
7. Failure to claim prizes within allotted time may result in forfeiture of prize(s).
8. Prizes not redeemable for cash or their merchandise.
9. Winners consent to the use of their name/picture/likeness without compensation for advertising or publicity purposes.
10. Cape Cod Mommies Coordinator and Sponsor employee's are not eligible.
11. Sponsors accept no responsibility or liability in connection with any injuries, losses or damages arising from
the prize(s) awarded in this contest.
12. Additional restrictions may apply depending upon prizes being awarded, or contest sponsor rules.
13. All federal, state and/or local laws and regulations apply.
14. All Decisions are final.
Contest ends at 11:59 PM EST October 20, 2011. One winner will be randomly selected by random.org. The winner will be notified via email, Facebook or a blog post on Cape Cod Mommies, so please make sure your email address is correct. The contest winner will have 48 hours to respond, if no response is received, then another winner will be selected.
Contest Sponsored by: Turning Pointe Dance Studio in Falmouth, MA
The following is an excerpt from the book The 4-Hour Body by Timothy Ferris which I found share worthy.
The word cellulite first appeared in the April 15, 1968, issue of Vogue Magazine, and this invented disease soon had a believer base worldwide:
Vogue began to focus on the body as much as the clothes, in part because there was little they could dictate with the anarchic styles....In a stunning move, an entire replacement culture was developed by naming a "problem" where it had scarcely existed before, centering it on the women's natural state, and elevating it to the existential female dilemma....The number of diet related articles rose 70 percent from 1968 to 1972.
Cellulite is fat. Nothing special, neither a disease nor a unique female problem without solutions. It can be removed.
Cape Cod Moms