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WebThis means that Noah and Sophia can each give up to $16,000 to Amanda without incurring any current federal gift tax. ... The 529 plan is indeed a tax-advantaged savings vehicle created to promote college savings. The contributions to the plan grow tax-free, and the distributions used for qualified education expenses are also tax-free. ... WebMaxing out your tax-advantaged accounts and investments (any account that offers tax benefits) like 401(k)s, IRAs, and HSAs works to lower your tax bill by reducing the amount of income you’re taxed on. Increasing your retirement plan contributions to, for example, your 401(k), 403(b), or other workplace plans, means your taxable income is ... candy cane parade hollywood
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