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College and University Discussion
Reply to "FA Question: Inherited house, now worth $1M, now what? "
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[quote=Anonymous]Thanks for the Forbes link. That was very interesting. This section seems to answer a lt of the questions in this topic: [quote]A standard income protection (meaning living) allowance, as well as federal, state and payroll taxes are subtracted from the parents’ adjusted gross income (AGI). After all of those allowances are subtracted, you’re left with net reportable income and [b]the colleges expect you to use up to 47% of that amount for college[/b]. But here’s something that might surprise you, if a parent is currently making contributions (elective deferrals) to a 401k or similar plan, the contributions gets added back to the parents’ AGI before the calculation of net reportable income. [/quote] [/quote]
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