✅ What Daniel Alonzo does: After breaking into financial services at age 21, Daniel is now a business coach, speaker and investor. In our conversation, Daniel tells me why building relationships is the secret to success, why he chose not to retire, and how he built a highly scalable business that allows him to live an extraordinary life on his terms.

He speaks in front of hundreds of thousands of people a year, teaching them how to create financial freedom and live a better life. Today, Daniel Alonzo is a coach, entrepreneur, media personality, podcaster, and author of the forthcoming book, Wealth on the Beach. By that age, he was generating enough wealth through recruiting other people that he didn’t have to work another day of his life. One of those goals was to retire by the age of 30, and he certainly could have done it. The tape was called “Self Esteem & Peak Performance,” and listening to it changed Daniel’s perspective on life. Inside a stolen boombox was a cassette tape by Jack Canfield of “Chicken Soup For the Soul” fame. Little did Daniel know that one of these incidents would set him on the path to success. Prior to that, he admits, he was a “bad kid,” whose pastimes included breaking into people’s cars, and stealing whatever was loose inside.

His dreams of becoming a baseball player were dashed by an injury. Today’s podcast guest, Daniel Alonzo, started in financial services when he was 21 - and was a millionaire by 28 - but that wasn’t his original plan. And although it might seem like the end of the world at the time, it could also be a major opportunity. Additional informationįor information on contributions and how to determine the part of any distribution that is taxable earnings, refer to Chapter 6 of Publication 970, Tax Benefits for Education.Daniel Alonzo on Building a Highly Scalable Business and Living Life on Your TermsĮven the most driven of us are sometimes forced to swerve from our goals when life takes an unexpected turn. Form 1099-Q should be made available to you by January 31, 2024. You should receive a Form 1099-Q, Payments from Qualified Education Programs (Under Sections 529 and 530) from each of the Coverdell ESAs from which you received a distribution. Certain transfers to members of the beneficiary's family are permitted. If the beneficiary dies before attaining the age of 30, amounts remaining in the account must be distributed within 30 days after the date of death. Amounts remaining in the account must be distributed within 30 days after the designated beneficiary reaches age 30, unless the beneficiary is a special needs beneficiary. If a distribution exceeds the beneficiary's qualified education expenses, a portion of the earnings is taxable to the beneficiary. The distributions are tax-free to the extent the amount of the distributions doesn't exceed the beneficiary's qualified education expenses. In general, the designated beneficiary of a Coverdell ESA can receive tax-free distributions to pay qualified education expenses. There's no limit to the number of accounts that can be established for a particular beneficiary however, the total contribution to all accounts on behalf of a beneficiary in any year can't exceed $2,000. Contributors must contribute by the due date of their tax return (not including extensions). Organizations, such as corporations and trusts can also contribute regardless of their adjusted gross income. Any individual whose modified adjusted gross income is under the limit set for a given tax year can make contributions. Contributions must be made in cash, and they're not deductible. You may be able to contribute to a Coverdell ESA to finance the beneficiary's qualified education expenses. The document creating and governing the account must be in writing, and it must meet certain requirements.The account must be designated as a Coverdell ESA when it is created.When the account is established, the designated beneficiary must be under the age of 18 or be a special needs beneficiary.

There are certain requirements to set up a Coverdell ESA: This benefit applies not only to qualified higher education expenses, but also to qualified elementary and secondary education expenses. A Coverdell education savings account (Coverdell ESA) is a trust or custodial account set up in the United States solely for paying qualified education expenses for the designated beneficiary of the account.

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