How college students can avoid a tax penalty
A tip for college students to help avoid a tax penalty.
Many colleges, including several in our area, are reimbursing students for tuition or room and board because the semester was canceled due to COVID-19.
According to VSAC, students can avoid paying taxes on that reimbursement by contributing that money to their 529 college fund.
But there is a deadline. You must do it by July 15.