By Sandra Block, Stephen Fishman Attorney
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Additional info for Easy Ways to Lower Your Taxes: Simple Strategies Every Taxpayer Should Know (USA Today Nolo Series)
Chapter 2 | the best tax is no tax: income that’s tax free | 47 • If you withdraw money from a 529 plan and don’t use it on an eligible college expense, you generally will be subject to income tax and an additional 10% federal tax penalty on the earnings from the account. Example: Armand and Ophelia are a married couple who live in New York. They open a 529 account for their daughter, Foreste, with a New York-sponsored 529 plan. Over ten years they deposit $100,000 in the plan. Their contributions are not deductible from their federal income taxes.
However, the person who makes the gift must report gifts over a certain amount ($12,000 in 2008) and might eventually have to pay gift tax out of his or her estate. This potential gift tax concerns only the well-off: Someone would have to give away more than $1 million in money or property over a lifetime for his or her estate to be subject to any gift taxes. Moreover, there are ways to give away even more than $1 million without owing gift taxes. For more information on gifts, see Plan Your Estate, by Denis Clifford (Nolo).
Chapter 2 | the best tax is no tax: income that’s tax free | 27 If you don’t qualify for the exclusion If you don’t qualify for the home sale exclusion at all, you’ll have to pay tax on all the gain from the sale of your home. If you owned the home for at least one year, you’ll at least qualify for the long-term capital gains rate, which is currently 15% for most taxpayers. If you owned the property for less than one year, you’ll have to pay tax at the short-term capital gains rate, which is the same rate as for ordinary income—up to 35%, depending on your tax bracket.