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Make money online.
I started by selling things from thrift shops and garage sales on eby and amazon for two years and was making over $1000 a month on some months. But it got too time consuming so I decided to publish ebooks on Amazon making $600+ a month in royalties with very little time put in after I learned the ropes. Now I'm thinking of designing tshirts on Amazon. Again, this will be very passive work that makes me money with little time put in.
nurseflip26, CRNA
42 Posts
Just curious if anyone has creative or not so common ways to save extra money for school?
I have tip for Indiana residents saving money for college. In the state of Indiana, if you save money in a 529 (educational saving account) the state of Indiana will reduce your state income tax bill up to $1,000. If you contribute money to someone's (anyone including yourself) 529 the state of Indiana will give you a credit of 20% on your tax bill, up to a $1,000 dollar credit. While this is typically taken by grandparents etc giving money to little Johnny you are allowed to put money into your own 529 and receive the credit as well. So if you put in $500, then the credit is $100. For $2000 then "Credit" $400 to your taxes, Up to max credit of $1,000 for a $5,000 contribution. Read On.....
A few caveats, you have to have made money in Indiana as this is a state income tax credit when you do your taxes. Also (I believe) you have to have an income as this only reduces the amount you owe, if you didn't make any money and owe taxes there's nothing to credit against. A second drawback is you don't get the money right away, you get it when you for taxes. And thirdly you obviously have to have the money in the first place to deposit.
While this isn't life changing is certainly is a small way to make $5,000 basically into $6,000, that I've used the last two years.
Disclaimer: I am not a lawyer in any way, shape or form! Ask you tax person if this would work for you