Octo Capital - Independent Fiduciary Financial Advisor in Bloomfield, Bingham Farms Michigan
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Using a Roth IRA as a college savings tool

4/25/2018

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A tax-advantaged option too many families overlook
​At first glance, a Roth IRA might seem an unusual college savings vehicle. Upon further examination, it may look like a particularly smart choice.
  
A Roth IRA allows you to save for college without the constraints of a college fund. This is an important distinction, because you cannot predict everything about your child’s educational future. What if you contribute to a 529 plan or a Coverdell ESA and then your child decides not to go to college? Or, what if you save for years through one of these plans with the goal of paying tuition at an elite school and then a great university steps forward to offer your child a major scholarship or a full ride?   
 
If you take funds out of a Coverdell ESA or 529 college savings plan and use them for anything but qualified education expenses, an income tax bill will result, plus a 10% Internal Revenue Service penalty on account earnings. (The 10% penalty is waived for 529 plan beneficiaries who get scholarships.)1,2

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The major 2018 federal tax changes

4/17/2018

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Comparing the old rules with the new.
​The Tax Cuts and Jobs Act made dramatic changes to federal tax law. It is worth reviewing some of these changes as 2019 approaches and households and businesses refine their income tax strategies.
 
Income tax brackets have changed. The old 10%, 15%, 25%, 28%, 33%, 35%, and 39.6% brackets have been restructured to 10%, 12%, 22%, 24%, 32%, 35%, and 37%. These new percentages are slated to apply through 2025. Here are the thresholds for these brackets in 2018.(1,2)

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    Daniel Shub

    ​AIF®, RFC®

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​Telephone: 248-731-7729
31600 Telegraph Road Suite 200
Bingham Farms, MI 48025
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​©2022 OCTO Capital, LLC. OCTO Capital is a Michigan-based Investment Advisory Firm. We may only transact business in those states in which we are registered, or qualify for an exemption or exclusion from registration requirements.
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​​Are you looking for a fiduciary financial advisor and retirement planner in Metro Detroit, Michigan? You've come to the right place. Octo Capital is serving clients in Michigan, including Bingham Farms, Bloomfield Hills, Troy, Rochester, West Bloomfield, Birmingham, Farmington Hills, Rochester Hills, Sterling Heights, Shelby Twp, Livonia, and Northville. We also work with clients located in other states*. We provide comprehensive financial planning and investment management. Our services include retirement income planning, cash flow projections, tax-efficient placement of assets, strategic tax-loss harvesting, coordination of all income sources in retirement, detailed analysis of tax returns focused on tax-saving opportunities, and more.
  • Home
  • New Clients
  • Services
    • Services & Pricing
    • Investment Management
    • Financial Planning
    • Tax Planning
    • Fiduciary
    • Nobel-Worthy Ideas
    • Videos
  • About
  • Contact
  • Client Portal