We specialize in bookkeeping, payroll, income tax return preparation, and retirement planning, and serve a nationwide clientele consisting of individuals and businesses of all types and sizes (LLC, partnerships, C & S Corporations), as well as trusts and estates. As financial problem solvers, we provide practical advice and proactive solutions with personalized service. We are affordable, experienced, and friendly, and we tirelessly study and research the ever-changing world of tax law and regulation so that we can help every client realize the greatest possible savings and return on investments. Our office is conveniently located in Dover, Delaware. Please contact us today to find out more about how we can make YOUR life less taxing!Tax
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To the veterans among our families and neighbors, we want you to know that your service is deeply appreciated.
We don't take your willingness to fight for our country lightly. We're grateful for the sacrifices you and your families have made.
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๐๐ฎ๐ป ๐ ๐๐๐ฒ ๐บ๐ ๐ฅ๐ฒ๐พ๐๐ถ๐ฟ๐ฒ๐ฑ ๐ ๐ถ๐ป๐ถ๐บ๐๐บ ๐๐ถ๐๐๐ฟ๐ถ๐ฏ๐๐๐ถ๐ผ๐ป ๐๐ผ ๐ฝ๐ฎ๐ ๐ณ๐ผ๐ฟ ๐บ๐ ๐ด๐ฟ๐ฎ๐ป๐ฑ๐ฐ๐ต๐ถ๐น๐ฑ'๐ ๐ฐ๐ผ๐น๐น๐ฒ๐ด๐ฒ?
Yes, you can use your RMD to fund a 529 college savings plan. But you can't transfer the money directly from your IRA.
Here's how the process works:
1. Withdraw your required distribution into your personal bank account.
2. Account for the income taxes on the taxable portion of that withdrawal.
3. Contribute the money to your grandchild's 529 plan.
Once the money is in the 529, it can grow without annual taxes on investment earnings, and withdrawals for qualified education expenses are tax-free.
If you're thinking about using your 2026 RMD to contribute to your grandchild's college savings, send us a message.
We can help you structure your transfer so you avoid triggering gift tax filings and maximize state tax deductions you might qualify for.
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You can prepare for a lot before starting a business, but some lessons you only learn through experience (and a few costly mistakes along the way).
๐๐ฉ๐ข๐ต'๐ด ๐ฐ๐ฏ๐ฆ ๐ญ๐ฆ๐ด๐ด๐ฐ๐ฏ ๐บ๐ฐ๐ถ'๐ท๐ฆ ๐ญ๐ฆ๐ข๐ณ๐ฏ๐ฆ๐ฅ ๐ง๐ณ๐ฐ๐ฎ ๐ณ๐ถ๐ฏ๐ฏ๐ช๐ฏ๐จ ๐บ๐ฐ๐ถ๐ณ ๐ฃ๐ถ๐ด๐ช๐ฏ๐ฆ๐ด๐ด ๐ต๐ฉ๐ข๐ต ๐บ๐ฐ๐ถ ๐ธ๐ช๐ด๐ฉ ๐ด๐ฐ๐ฎ๐ฆ๐ฐ๐ฏ๐ฆ ๐ฉ๐ข๐ฅ ๐ต๐ฐ๐ญ๐ฅ ๐บ๐ฐ๐ถ ๐ธ๐ฉ๐ฆ๐ฏ ๐บ๐ฐ๐ถ ๐ธ๐ฆ๐ณ๐ฆ ๐ด๐ต๐ข๐ณ๐ต๐ช๐ฏ๐จ ๐ฐ๐ถ๐ต?
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First State CPAs & Associates |
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18 S. State St, Dover, DE 19901 |
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| (302) 736-6657 | |
| Business Hours | |
| January 1st January 31st | |
| MondayโFriday: | 8amโ5pm |
| Saturday & Sunday: | closed |
| February 1st April 15th | |
| MondayโThursday: | 8amโ6pm |
| Friday: | 8amโ5pm |
| Saturday: | By appointment |
| Sunday: | closed |
| April 16th December 31st | |
| MondayโThursday: | 8amโ5pm |
| Friday, Saturday & Sunday: | closed |