Hey ,

The IRS just announced a special relief for taxpayers affected by the Maryland Prepaid College Trust system issues. You know what that means? You can rollover your money from one qualified tuition program to another without paying any taxes or penalties. How cool is that?

Here's the deal. Normally, you can only do one tax-free rollover in a 12-month period for the same beneficiary. But the IRS is waiving that rule for taxpayers who meet these criteria:

• You make a rollover to or from your Maryland Prepaid College Trust account before Jan. 1, 2025.
• You already did a rollover from that same account after Dec. 31, 2021.
• You follow the rules in Notice 2024-23.

If you qualify for this relief, you don't have to report the rollover amount on your tax return or file Form 5329. You also don't have to pay the 10% additional tax that usually applies to early distributions from qualified plans.

This is a great opportunity for you to save money and plan for your child's education. You can read more about this relief and the qualified tuition programs on the IRS website. 

If you have any questions or need any help with your rollovers, or any other tax issues, you know where to find me. Just reply to this email or visit my website.

Need to learn more about what’s happening this tax season? 

Watch it from my video here explaining some 2024 tax updates.

https://www.youtube.com/watch?v=IiETxrRXGK0&t=1087s 

Thanks for reading, and stay tuned for more tax news and tips!

Your favorite tax professional, 

Folasade,

(202) 618-1295

[email protected] 

Hey Entrepreneur! I am Folasade Ayegbusi. I am an Enrolled Agent, Accountant, Ex-insurance Broker, Speaker, and Small Business Growth Strategist. Additionally, I am a Mother, and Entrepreneur.

I have helped entrepreneurs and small business owners save over $25 million dollars in lost revenue, tax assessments, penalties, and interests over the last 12 months. I am confident that I can assist you with all of your accounting needs.