Create an Income Stream
Taking initial withdrawals of 4% or considering annuities are often recommended to retirees.
There are two easy ways to open an account:
Individual investors: It's easy to enroll either online or by mail.
Investors using advisers: Enroll through your financial adviser.
You may use your Learning Quest account for a student's qualified education expenses. This could be at any accredited post-secondary institution, generally anywhere in the U.S.If you use the money for any other reason, you may be subject to a 10% federal penalty tax.
Kansas taxpayers will owe Kansas state taxes on the money earned on the account as well. If you deducted a contribution from your Kansas tax return, you will owe it back.
Federal law sets the standards for qualifying as an accredited post-secondary institution. An institution must do 2 things:
Offer credit toward either
An undergraduate degree
A graduate degree, or
Some other recognized post-secondary education credential
Must be eligible to take part in federal student aid programs.
You can determine if a school is accredited by contacting the school's office of admissions. You also can check on a school's eligibility to take part in federal financial aid programs on the Department of Education's website.
At any qualified educational institution in the U.S., eligible expenses include:
Required supplies and equipment, and
Room and board
No. Your beneficiary can use the assets at any accredited post-secondary institution, generally anywhere in the U.S.
It is not required that your student attend college immediately after graduating high school.
This article is published on KansasMoney.gov. Find more information by contacting these state agencies: