Business Accounting & Tax Preparation
1585 W Wetmore Road, Tucson, AZ 85705
Mailing Address: P O Box 35743, Tucson, AZ 85740
Phone: 520-292-9773 Fax: 520-292-9878
Accounting By Design, Inc.
College Savings Plans
Qualified Tuition Program (QTP)
Coverdell Education Savings Accounts
(ESA)
Benefit
Tax-free Earnings
Tax Free Earnings
Annual Limit
None
$2,000 contribution per beneficiary
Qualifying Expenses
Tuition & required enrollments fees
Course related books, supplies &
equipment
Room & board for at least half-time
students
Expenses for special needs services
K-12 expenses
Tuition & required enrollments fees
Course related books, supplies & equipment
Expenses for special needs services
Payments to QTP
Higher education room & board if at lest
half-time student
K-12 room & board, uniforms, transportation
and computer access
Qualifying Education
Undergraduate & graduate
K-12
Undergraduate & graduate
K-12
Other Conditions
Maximum of $10,000 per year per student
for K-12
Certain rollovers to ABLE accounts
Assets must be distributed at age 30 unless
special needs beneficiary
Modified AGI Phaseout
None
$95,000 - $110,000
$190,000 - $220,000 MJF
•
Three (3) years from the date you filed your original return
•
Three (3) years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file
a claim for credit or refund after you file your return
•
Seven (7) years if you file a claim for a loss from worthless securities or bad debt reduction
•
Six (6) years if you do not report income that you should report, and it is more than 25% of the gross income on your return
•
Keep records indefinitely if you do not file a return
•
Keep records indefinitely if you file a fraudulent return
•
Keep employment tax records for at least 4 years after the date that the tax becomes due or paid, whichever is later
•
Ten (10) years if you paid taxes to a foreign government
•
Three (3) years after you sell property or investments
Click on Tax Records Retention to go to a more detailed list.
State of Arizona follows these same guidelines. Also remember there may be times that even though the records are no longer need for tax
purposes, do not discard them until you check to see if they should be kept longer for other purposes. Your insurance company or other
creditors mya required you to keep certain records longer than the IRS does.