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Boston Massachusetts Form 8888: What You Should Know

Form 8888: How to Split Your Child or Spouse's Refund (Up to 6,750) — Mass.gov You can split your refund amount up to 6,750.  General Instructions : Allocate tax savings as detailed by this form here. Use the child and spouse (age 18 or older) portions to pay their college loan or college tuition, and the college savings plan account that they have established. Use the non-child and non-spouse portion to pay their rent, child care costs and medical expenses, and to be able to use the rest when they turn 23 and 35 respectively. VITA: What's the difference between a college savings account and a college savings bond or SEP/ETS? — Mass.gov This type of savings account can work for anyone in your family who wants to save. They can be used to pay for college, but you can also convert it into a college savings bond. To do this, you would use your VITA savings and deposit 1 million into your VITA account. This money would be deposited into the VITA account at the beginning of each semester. If you are 18 or older, you would be able to convert your savings account to a college savings bond every semester for the duration you receive your refund. Student, Senior, Educ. Serve. & Other Tax Savings Accounts — Mass.gov Income tax savings accounts. Tax-free status for income tax-free savings accounts (ITAs). To contribute to an ITA, use Form 1099G.

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