National Bank of Canada reported profit that beat analysts’ estimates in all three of its main business lines.
National Bank profit beats estimates in three main businesses
Cigna’s AI chief is investing in technology to cut costs and address healthcare’s biggest problems
Before we get to this week’s column—Please consider joining us at the inaugural Fortune AIQ Summit at the New York Stock Exchange on Oct. 1: Spend the afternoon with senior executives from companies on the Fortune AIQ 75 list and explore how you can scale your AI experimentation and translate investments into measurable business value. Apply here to attend.
After Katya Andresen joined Cigna Group as chief data, digital and AI officer in September 2021, she says the emergence of generative artificial intelligence as a disruptive new technology led many to ask themselves: “How do I use AI?”
Andresen thinks that’s the wrong question. “We’ve been on a mission to change that question to, ‘how do I lead in an age of AI?’” says Andresen. That framing is less focused on the functionality of any given AI tool and chasing countless use cases, and instead homes in on measurement that shows an AI investment can change health outcomes.
Along those lines, Cigna has announced this summer that it projects the AI and predictive analytics tools that the company uses to help patients identify chronic conditions—including cancer, kidney disease, and high-risk pregnancy—can save an estimated $200 million over the next three years by proactively connecting patients with clinicians. Separately this summer, Cigna announced a $100 million investment through 2028 to use AI to reduce the time clinicians need to spend documenting their cases and speed up the prescription process.
And yet another AI use case, which Andresen shared with Fortune, involves using AI to better understand common inbound patient questions that Cigna was receiving about biosimilars, which can treat chronic diseases at a fraction of the cost of biologics. Unlike a generic drug, which has the same active ingredients as branded counterparts, biosimilars aren’t an exact match because they’re made from living organisms like bacteria and plant cells. But both are approved by the Food and Drug Administration.
One biologic, called Humira, can cost a patient $7,000 per month to treat inflammatory and autoimmune conditions. But Cigna looked at thousands of prior customer conversations with its representatives about biologics and biosimilars, and then used those insights to craft stronger digital messaging to encourage a switch to the cheaper alternative. This targeted campaign led more than 80% to opt for the biosimilar, Andresen says.
“That led to a lot more margin,” adds Andresen. “But more importantly, it created a couple hundred million dollars of savings for patients.”
Extracting millions in cost savings from these high-priority use cases is critical for Cigna, which generates $275 billion in annual revenue and ranked 14th on the latest Fortune 500 list, as national healthcare spending exceeds $5 trillion annually due to the rise of chronic conditions, an aging population, and the cost of a hospital stay and average prices for new prescription drugs soaring.
Patients frequently express that they are fed up with navigating the industry’s complex system, and millions report they’ve turned to ChatGPT and other AI chatbots to ask health- or healthcare-related questions. Nearly six-in-ten report using AI to research health information before a doctor visit, and about 14 million adults say they have skipped a visit with a provider after using AI, according to a survey published by Gallup in April.
This movement does raise thorny questions about the guardrails put in place around AI chatbots, even those created by insurance and pharmaceutical companies, because they need to handle sensitive patient information and have the ability to accurately answer complex questions about medical insurance plans and treatments.
“The good news is, because we are highly regulated, we have a massive amount of controls in place to begin with,” says Andresen. “We are not starting from zero.” That layer of compliance and governance has existed for well over a decade for the machine learning models that Cigna has leveraged, she adds, and is also closely controlled for any data that’s access by third-party vendors.
Andresen has had to recently hunt for answers to these common healthcare questions after a close family member was diagnosed with breast cancer. She says this experience has shown that personalization, not just navigation, is the differentiator that AI can provide.
“I think we’re headed to a place where we are going to find that AI in healthcare becomes conversational, ambient, and more proactive,” says Andresen. “We can be more and more precise with treatments, with recommendations, and we can get better and better at understanding what works…and feed that back into our models, so that everything gets better all the time.”
Five years ago, when Andresen joined Cigna, it was her first role leading a healthcare company, after previously serving as a senior vice president of financial services at Capital One, serving in executive leadership roles at mission-focused tech firms Cricket Media and Network for Good, and earlier in her career, working as a foreign correspondent for Reuters News and the Associated Press.
She says that AI technology is evolving so rapidly that a mix of Cigna’s own proprietary data to build competitively specific tools, as well as key partnerships with big AI players, will be the differentiator. Andresen has launched workplace tools like chatbot Microsoft Copilot and AI coding agent Cursor, while also working closely with large hyperscalers like OpenAI and Anthropic to tap their large language models.
There are also times when Cigna will opt to work closely with AI startups that have homed in on a very specific use case, like Sierra, which builds conversational AI agents for customer service. “We’ve worked really closely with them on their product roadmap,” says Andresen.
Other generative AI use cases that Cigna has deployed include using LLMs to summarize millions of phone calls placed to call center agents, and then leveraging those insights to create an AI tool that makes it easier for those employees to search for the answers to questions like, “does my policy cover this treatment for plantar fasciitis?”
An AI virtual assistant was also built inside Cigna’s mobile app, a conversational tool that can similarly address patient questions, while in the clinical setting, AI-enabled summarization has reduced note-taking by up to 90% for health practitioners who work for Cigna’s telehealth service MDLIVE.
“The principles behind all this are hopefully clear, which is, what problem are we trying to solve, and how can AI help?” says Andresen. “That’s always the starting point.”
John Kell
NEWS PACKETS
Data centers are becoming a hot issue for the midterm elections. Amid a Gallup survey earlier this year that showed that 71% of Americans oppose data center construction, the issue is becoming increasingly difficult for the industry to positively pitch as Democrats and Republicans have been airing negative television ads to get aligned with voters. Data centers, Democratic pollster Zac McCrary tells the New York Times, are “one of the few issues today that does not immediately code as red or blue, left or right.” Tech leaders are working to subdue the negative sentiment, with the Wall Street Journal reporting this week on how OpenAI, Meta Platforms, and others are hosting open houses, announcing multimillion-dollar community pledges, and making water conservation-focused commitments to make data centers more appealing to local communities. Another note of caution: a vast majority of data centers that are expected to be online by 2027 haven’t even started construction.
Nvidia places a bet on Poolside. AI chipmaker Nvidia announced a comprehensive agreement with Poolside, including a $1 billion investment and $6 billion that will be paid to license the AI startup’s technology and hire some of its engineers, according to the WSJ. The startup’s leaders, meanwhile, won’t join Nvidia and will instead continue to work on research projects. The transaction represents the latest effort by Nvidia to increasingly support open source models, which can be cheaper and more customizable than closed-source models. With Poolside, Nvidia is aiming to more directly compete with China’s AI giants like DeepSeek, which have drawn more attention from U.S. businesses as AI costs continue to rise.
Leadership departures accelerate at OpenAI. In just the past month, the ChatGPT maker has seen several high-profile executive departures, including news this week from the WSJ that the head of data centers, Chris Malone, has left the company. Malone’s exit was connected to a strategic pivot at OpenAI, in which the company is relying more on deals with cloud providers to support its computing power instead of building its own facilities. Other leadership departures this month have included Chief Revenue Officer Denise Dresser, who left after less than a year at OpenAI, and Chief Operating Officer Brad Lightcap, an OpenAI veteran since 2018.
Demand appears tepid for Anthropic’s Fable 5. Less than three months after Anthropic debuted its most costly large language model, the Claude Fable 5, the Financial Times has reported that demand has been muted as enterprises are realizing that not every AI task requires the most sophisticated and costly models. Citing data from corporate financial technology provider Ramp, the news outlet reports that spending on Fable 5 has only amassed to 11% of the business spending Anthropic notches from its customers, a figure that’s remained unchanged since early July. Meanwhile, data and legal technology company Thomson Reuters and insurance giant Travelers have talked publicly about how they are now relying on open-source and internal models, respectively, to help lower the cost of AI.
Hugging Face is reportedly exploring a multi-billion-dollar sale. AI platform Hugging Face is mulling a sale that would value the company at $13 billion or more, people familiar with the matter told Business Insider. Rumors of a potential deal come mere weeks after a July incident in which the company’s systems were hacked by OpenAI’s AI agents, leading the AI hyperscaler to announce last week that it would pause some aspects of AI training for two weeks as it also unveiled new security protocols. On Monday, Alabama’s attorney general subpoenaed OpenAI for more information related to the Hugging Face hack, saying the probe would address “hard truths about the threats companies and consumers are facing from rogue AI.”
ADOPTION CURVE
AI is boosting demand for more cybersecurity jobs. Amid concerns that AI chatbots can lower the barrier of entry for cybercriminals and warnings from technologists that these threats present an ongoing risk, new research published by a consortium of technology leaders including Cisco, Accenture, Google, and Microsoft found that cybersecurity is one of the fastest-growing areas of the technology workforce. Demand for these roles grew 9.5% across the G7 countries for the six-month period ending in March 2026, according to the latest findings from the AI Workforce Consortium.
And yet, there are still more than 4.8 million open cybersecurity roles and the AI Workforce Consortium reports that the share of G7 cybersecurity postings that required AI skills stood at 28.5% of all listings between October 2025 and March 2026, compared to 14.2% in October 2024.
“We see the shift being really visible right now in cybersecurity, where the frontier models like Anthropic’s Mythos and Mythos Preview and OpenAI’s GPT-5.5-Cyber have changed cybersecurity as we know it,” Marci Paino, chief learning officer at Cisco, tells Fortune. “We see that they’re using AI-powered capabilities to tip the scale in favor of defenders over adversaries, and it’s really critical.”
Paino adds that 36% of cybersecurity leaders plan to invest in AI-powered security capabilities in the next one to two years, but only 25% are prioritizing investments in people. This suggests that while there’s a lot of demand for cybersecurity talent, enterprises are also expecting agentic AI systems to assume some higher volume, repetitive tasks. That will require cyber leaders to continue to rethink human and machine collaboration.
“Increasingly, every worker will need to manage a portfolio of agents to get work done, and not just those who are in technical leadership positions today,” says Paino.
Courtesy of AI Workforce Consortium
JOBS RADAR
Hiring:
– W.E. O’Neil Construction is seeking a CIO, based in Irvine, California. Posted salary range: $265K-$300K/year.
– C3 AI is seeking a VP, CIO, based in Redwood City, California. Posted salary range: $285K-$325K/year.
– M&T Bank is seeking a head of corporate technology, based in Buffalo, New York. Posted salary range: $201.2K-$335.3K/year.
– Upstream Bio is seeking a VP of IT, based in Waltham, Massachusetts. Posted salary range: $296.8K-$362.7K/year.
Hired:
– LPL Financial named Jonathan Lewis as chief technology and information officer, leading architecture, engineering, and infrastructure for the wealth management firm. Most recently, Lewis served as head of digital and trading technology for wealth management at banking giant Wells Fargo. He also previously served as head of asset management technology at J.P. Morgan.
– Patterson Companies named Wasi Ahmed as CIO, where he will report directly to CEO Robert Rajalingam and serve as a member of the dental and animal health products distributor’s leadership team. Previously, Ahmed served as CIO at construction materials distributor Foundation Building Materials and as CIO at manufacturer Yokohama Tire.
– Gateway Fiber appointed David Curran as CTO, where he will oversee the development of the fiber-optic internet provider’s network. Most recently, Curran served as VP of network architecture at telecommunications giant Verizon. He also previously served as a director at Frontier Communications.
– Rigetti Computing promoted Andrew Bestwick to the role of CTO, as the quantum computer developer consolidates quantum processor architecture, chip development, and hardware engineering under one title. Bestwick joined Rigetti in 2015 as SVP of quantum systems. He previously worked as a semiconductor and financial services consultant at Bain & Company.
– ServiceTrade announced the appointment of Brian Schaad as CTO, leading the engineering organization, which includes software development, data science, and information security. Prior to joining the software vendor, Schaad led engineering at another software firm, Consensus.
– Spinnaker Support appointed Rex Young as CIO, reporting to CEO Matt Stava and leading the software maintenance vendor’s technology strategy. Young most recently served as CIO and chief information security officer at fleet compliance and driver risk management software company SambaSafety.
– PRG announced the appointment of Joe Simon as chief technology and information officer, overseeing the entertainment and event technology provider’s enterprise infrastructure. Previously, Simon served as chief information and technology officer at sports betting and gambling company Entain.
– OverDrive named Liz Carrasco as CTO, leading the digital content distributor’s technology strategy and engineering organization. Previously, Carrasco spent more than a decade in senior technology leadership roles at entertainment giants CBS Interactive, ViacomCBS, and Paramount.
Eligible Spectrum Customers Get Amazon Prime for Free
Spectrum Offers Free Amazon Prime to Eligible Internet Customers
Spectrum has partnered with Amazon to offer Amazon Prime at no additional cost to eligible Spectrum Internet customers.
The benefit is available to new and existing customers who qualify for Spectrum Internet Assist, Spectrum’s discounted internet program for eligible low-income households. Spectrum says qualifying customers can be subscribed to any Spectrum Internet tier and still receive the Prime benefit.
Who Qualifies?
To receive the free Prime membership, you must currently qualify for Spectrum Internet Assist.
Spectrum says eligible customers can be:
- New or existing Spectrum customers
- On any Spectrum Internet tier
- New or existing Amazon Prime members
Spectrum Internet Assist itself offers internet speeds of up to 50 Mbps for qualifying households, but customers who qualify for the program do not necessarily need to be subscribed to that specific tier to get the Prime benefit. You can see more details here.
How to Activate Free Amazon Prime
Eligible customers can activate the benefit by:
- Going to Spectrum.net/Prime and signing in.
- Clicking Get Started.
- Signing in to an existing Amazon account or creating a new one.
- Completing the activation process through Amazon.
Once activated, members receive the normal Amazon Prime benefits, including fast free shipping, Prime Video, shopping deals and other Prime perks.
Customers who already pay directly for Amazon Prime can transition their membership to the Spectrum-included benefit.
If your Prime membership is currently provided through another third party, Spectrum says you may first need to cancel that membership before activating Prime through Spectrum.
Guru’s Wrap-Up
This is a pretty valuable new Spectrum benefit for anyone who qualifies for Spectrum Internet Assist. And the good thing is that existing Prime members are also elgiible. If you qualify, you can move your current Prime membership over to the Spectrum benefit and stop paying separately.
The IRS Will Literally PAY YOU To Make These Investments
Learn how the IRS Will Pay You to invest.
Get a Free Consultation:
In this video, I break down the top investment strategies that allow you to legally reduce your taxes and build wealth using incentives built directly into the tax code.
In this video, I explain how the government rewards specific activities like starting a business, investing in real estate, and funding energy production, and how you can take advantage of these opportunities to potentially generate massive tax savings.
Go ahead and save this video, hit the like button below, and let’s jump right in.
#taxstrategy #wealthbuilding #taxplanning #cpatips
DISCLAIMER:
The information provided on this channel is for general information and entertainment purposes only. It is not intended to serve as legal, financial, or tax advice. You should not act on the basis of any content included on this channel without seeking appropriate legal, tax, or other professional advice specific to your individual circumstances.
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How To Correct A 529 Plan Over-Withdrawal
Taking money out of a 529 plan is the easy part. Taking out the right amount is where families get tripped up — and an overage turns into a “non-qualified” distribution that gets taxed and penalized. If you pulled $12,000 and only had $10,500 in qualified expenses, that extra $1,500 is a problem you have a limited window to fix.
The good news for 2026: the definition of a qualified expense got a lot wider, so some over-withdrawals aren’t over-withdrawals anymore. The One Big Beautiful Bill Act expanded what 529 money can pay for, which means the first thing to do is recheck your math before you start fixing anything. If you still have an overage after that, here’s how to clean it up.
Recheck What Counts As Qualified In 2026
Before you move any money, run the numbers again against the current rules. The list of qualified 529 expenses is longer than it was the last time most families looked at it.
For distributions taken after July 4, 2025, 529 money now covers postsecondary credentialing costs — tuition, testing fees, books, and equipment for programs leading to a professional license or industry certification. That includes trades like welding, HVAC, plumbing, CDL training, and cosmetology, plus licensing exams for accountants and attorneys. If your beneficiary is in one of these programs, see how to use a 529 plan for trade school.
K-12 expanded too. Tax-free withdrawals are no longer limited to private school tuition — curriculum materials, tutoring, standardized test fees like the SAT and ACT, dual-enrollment fees, and educational therapies for students with disabilities all count now. Tutoring comes with a test: the tutor has to be unrelated to the student and either a licensed or credentialed teacher or a subject-matter expert in what they’re teaching. And starting January 1, 2026, the annual K-12 cap doubled from $10,000 to $20,000 per student across all accounts. That change alone erases a lot of would-be over-withdrawals for families using a 529 for private elementary and high school.
One catch: not every state has conformed to the federal expansion. Your withdrawal can be federally qualified and still be a taxable event on your state return, so check your plan’s rules alongside the best 529 plans and their state tax treatment.
Option 1: Recontribute A School Refund Within 60 Days
If the overage came from a refund — you dropped a class, moved off campus, or the school returned part of a payment — you can put that money back. The refund has to go into a 529 account for the same beneficiary within 60 days of the refund date, and the amount you put back can’t exceed the refund. Anything above that is treated as a new contribution, which matters if you’re near your 529 plan contribution limits.
The recontributed money is treated entirely as principal rather than a mix of contributions and earnings, and it doesn’t count against the beneficiary’s aggregate contribution limit. That’s a favorable outcome, but only if you hit the window. Miss it and the earnings become taxable with a 10% penalty attached.
Note the distinction: this provision applies to refunds from an eligible educational institution. If you simply withdrew too much and nobody refunded you anything, this isn’t your route — see the next option. Either way, contact your plan provider before you send the money, because most plans require you to flag the deposit as a recontribution rather than a regular one. Your 529 plan’s ownership and administration rules determine who can initiate it.
Option 2: Roll The Money Into Another 529 Within 60 Days
If there was no school refund, the 60-day rollover is the cleanest fix. You have 60 days from the distribution date to move the money into another 529 account for the same beneficiary or for a qualifying family member, and it’s not treated as a taxable distribution. The mechanics are covered in 529 plan rollovers and transfers.
There’s a limit worth knowing: you get one tax-free rollover per beneficiary in any 12-month period. If you already moved money for that beneficiary in the past year, a second rollover becomes a non-qualified distribution. Changing the beneficiary to a sibling, spouse, cousin, or other qualifying family member is one way around it, and 529 plan ownership rules spell out who qualifies.
Watch the state side here as well. If you’ve been deducting contributions on your state return and you roll the money to a different state’s plan, some states will recapture those deductions. Compare what you’d owe against your state’s 529 tax benefit before you move anything across state lines.
Option 3: Spend It On Qualified Expenses Before December 31
The IRS matches distributions to expenses within the same calendar year, not the same semester. So an over-withdrawal in February isn’t a problem yet — you have until December 31 to generate enough qualified expenses to cover it. Our breakdown of how to pay for college with a 529 plan walks through how the timing works.
Ideas that actually work: prepay spring tuition in December if the school will bill you early, buy the computer or software the student needs, cover required books and supplies, or pay a room and board amount up to the school’s published cost of attendance for students enrolled at least half-time. With the 2026 expansion, exam fees and credentialing costs are on the table too, which is worth checking against what counts as a qualified expense.
This gets harder the later in the year you discover the problem. A December over-withdrawal leaves you weeks, not months, and schools don’t always accept early payment. Ask the bursar’s office directly rather than assuming, and keep every receipt — the burden of proof is on you, not the 529 plan administrator.
Option 4: Move It To An ABLE Account
If the beneficiary has a qualifying disability, you can roll the excess into an ABLE account within the same 60-day window. ABLE money can pay for a far wider set of costs — housing, transportation, health care, employment training — without the education restriction.
The One Big Beautiful Bill Act made 529-to-ABLE rollovers permanent; they had been scheduled to expire at the end of 2025. The rollover is capped at the annual ABLE contribution limit, which is $20,000 for 2026 — note that the limit was decoupled from the annual gift tax exclusion this year, so the two figures no longer match. The receiving ABLE account has to belong to the same beneficiary or a qualifying family member.
Also new for 2026: ABLE eligibility now extends to people whose disability began before age 46, up from age 26. That opens the door for families who were previously shut out, and it pairs well with 529 accounts held for a beneficiary who may not use them for school.
Option 5: Check Whether A Penalty Exception Applies
The 10% penalty has exceptions, and people pay it who didn’t have to. You still owe ordinary income tax on the earnings in most of these cases, but the penalty goes away. The full breakdown lives in what the 529 plan penalty is and how to avoid it.
The exceptions apply when the beneficiary received a tax-free scholarship (penalty waived up to the scholarship amount), received veterans’ educational assistance or other tax-free educational assistance, attends a U.S. military academy (waived up to the costs of advanced education attributable to attendance), died, became disabled, had education costs covered by a qualifying employer program, or when the expenses were used to claim an education tax credit like the Lifetime Learning Credit.
Claiming an exception means filing correctly. Most tax software handles it, though the 1099-Q and Form 5329 interaction trips up a lot of returns. If the dollar amount is meaningful, having a tax pro review the return is cheap insurance.
That means you’ll pay tax on the $600 plus an additional penalty of $60.
While you typically have to pay the 10% penalty when you use the 529 account money for non-qualified expenses, there are several ways you can get out of the penalty, per the IRS.
These include situations in which the beneficiary:
- Received a tax-free scholarship
- Died
- Became disabled
- Attends a U.S. military academy
- Got some or all of their education paid for through a qualifying employer program
- Is using the money for qualified expenses that will also be claimed through an education tax credit
TurboTax and other tax software can help you avoid this penalty if you qualify under one of these circumstances. However, you may also want to work with a tax professional to ensure you’re claiming everything correctly.
Option 6: Redirect Leftover Money Instead Of Withdrawing It
If the real issue is that you have more in the account than the beneficiary will ever use, stop withdrawing and start redirecting. Nothing forces money out of a 529 savings plan, which is the point our piece on using a 529 when your child doesn’t go to college makes. (Prepaid tuition plans are the exception — many states require the benefits to be used within about 10 years of the projected college entrance date, and a few impose a beneficiary age cap.)
You can avoid the taxes or the 529 penalties by choosing one of these options:
- Designate a new beneficiary (including yourself) for the remainder of the 529 funds. The money can be used now or many years down the road (perhaps when a grandchild attends college).
-
Use the money to pay off student loans. You can use the 529 plan to pay off up to $10,000 in qualified student loan repayments per plan beneficiary.
-
Rollover the extra money into an IRA. (Here are pros and cons of doing this. Or listen to the podcast below.)
You may decide that none of these options fits your goals. But when you know the options available to you, you can make smarter decisions about when to pay taxes and when to avoid them.
Option 7: Pay The Tax And The Penalty
Sometimes the cheapest fix is to just pay. The tax and penalty apply only to the earnings portion of the overage — not the whole withdrawal — and for accounts that haven’t been open long, earnings can be a small slice. Run the number before you assume it’s painful, using the math in the 529 penalty breakdown.
Here’s how it works. Say you withdrew $12,000 and had $10,500 in qualified expenses, leaving a $1,500 overage. If your account is 55% contributions and 45% earnings, then $675 of that overage is earnings. You’d owe income tax on the $675 at the recipient’s rate plus a 10% penalty of $67.50. Who the recipient is gets locked in by how the money was paid out, not by what you decide at tax time — one more reason who receives the 529 distribution matters before you request it.
Compare that $67.50 against the hassle of unwinding the withdrawal, and paying often wins. Keep in mind your state may also recapture a previously claimed deduction on the non-qualified portion, so factor in your state’s 529 tax rules before deciding.
Don’t Ignore The Paperwork
Every 529 distribution generates a Form 1099-Q, and there are only two possible recipients: the beneficiary or the account owner. The beneficiary gets it when the money went directly to them, directly to the school on their behalf, or in a trustee-to-trustee transfer to their Roth IRA. Otherwise it goes to the account owner. The IRS gets a copy either way, and the plan doesn’t know what you spent it on — the form makes no distinction between qualified and non-qualified, so the reconciliation is entirely on your return. Our 529 distribution walkthrough covers what to keep.
Save tuition statements, the Form 1098-T, receipts for books and equipment, and the school’s published cost of attendance figures for room and board. If you claim a penalty exception, you’ll need documentation of the scholarship, disability, or employer program, and most tax software will prompt you for it.
Frequently Asked Questions
Can I put money back into my 529 plan after withdrawing it?
Only under specific conditions. If a school refunded money you’d already paid with 529 funds, you can recontribute up to that refund amount to a 529 account for the same beneficiary within 60 days. If there was no refund, your option is a 60-day rollover to another 529 plan instead. Both routes are covered in our 529 rollovers and transfers breakdown.
How much is the penalty on a 529 over-withdrawal?
10% of the earnings portion of the non-qualified amount, plus ordinary income tax on those same earnings. Your contributions always come out tax-free and penalty-free. See how the 529 penalty is calculated.
Does the 60-day clock start at the withdrawal or the refund?
It depends on which fix you’re using. For a rollover, the clock starts at the distribution date. For a recontribution of refunded money, it starts on the date the school issued the refund. If both apply, your plan administrator can confirm which date governs your situation based on your account’s ownership structure.
Did the 2026 rule changes affect the over-withdrawal penalty?
No. The 10% penalty and its exceptions are unchanged. What changed is the definition of a qualified expense — K-12 costs beyond tuition, a $20,000 annual K-12 cap, and postsecondary credentialing expenses are now covered, as laid out in the 2026 529 plan expansion.
Can I withdraw penalty-free if my child got a scholarship?
Yes, up to the amount of the tax-free scholarship. The 10% penalty is waived, but you still owe income tax on the earnings portion. This is one of several exceptions detailed in our 529 penalty coverage and in what to do when your child doesn’t go to college.
Will an over-withdrawal hurt financial aid?
It can. Only the taxable earnings portion counts as income — your contributions coming back out never do — but that income lands on the recipient’s return and flows into a future FAFSA on the prior-prior year cycle, so a 2026 distribution shows up on the 2028-29 application. If aid is on the line, redirecting the money rather than withdrawing it is usually the better play — see how a 529 plan affects your FAFSA.
Is there a deadline to use 529 money?
Not for 529 savings plans — no age limit, no forced distribution, so leftover funds can sit invested for decades, move to a new beneficiary, or eventually roll into a Roth IRA. Prepaid tuition plans are different and often carry use-by deadlines, so check your specific plan’s terms against how the major 529 plans compare.
Final Thoughts
Most 529 over-withdrawals are fixable if you catch them fast. Recheck your expenses against the 2026 rules first, because the expansion covers costs that weren’t qualified two years ago. If you still have an overage, the 60-day windows are the tightest constraint you’re working against, so start there.
And if the fix isn’t worth the effort, the penalty is smaller than most people expect — 10% of earnings only, not the whole withdrawal. Either way, keep the receipts and reconcile the 1099-Q on your return, because that’s where the IRS will look. For the full picture on managing these accounts, start with how 529 plans work.
Editor: Claire Tak
Reviewed by: Robert Farrington
The post How To Correct A 529 Plan Over-Withdrawal appeared first on The College Investor.
20 Dirt-Cheap Freezer Meals – Dollarsanity
I’m a frugal woman, so I love anything that helps me save both time and money.
That’s exactly why freezer meals have become such a big part of my routine. Whenever I find chicken, ground beef, or vegetables on sale, I buy a little extra and freeze meals for later.
People often assume freezer meals are expensive because they think of store-bought frozen dinners. In reality, homemade freezer meals can be some of the most dirt-cheap meals you’ll ever make. Many cost just a few dollars to feed the whole family, especially when you cook in batches.
The best part is that you’re not just saving money, you’re saving yourself on those evenings when everyone’s hungry and you don’t feel like cooking. Instead of ordering takeout, you simply pull a meal from the freezer and dinner is almost done.
If you’re trying to stretch your grocery budget even further, don’t miss our Dirt-Cheap Meals Under $5 and $200 a Month Grocery List for a Family. Both are packed with simple ways to eat well without overspending.
These dirt-cheap freezer meals are easy to make, budget-friendly, and perfect for stocking your freezer so future you will be very thankful.
1. 5 Minute Freezer Chicken Soup

This soup comes together in five minutes flat, no cooking required until you’re ready to eat. Everything goes straight into a freezer bag raw, then simmers into a comforting classic once thawed.
Get the idea here ↗
2. Chicken Meal Prep Burritos

Packed with 40 grams of protein per serving, these burritos come together in under an hour and reheat straight from frozen. A cottage cheese cilantro lime crema on the side makes them feel a little special.
Get the idea here ↗
3. Greek Yogurt Pizza Dough

A quick, high protein pizza dough with no rise time, made from as few as two ingredients. Par bake the crusts, top and freeze, then bake straight from frozen whenever a pizza craving hits.
Get the idea here ↗
4. Instant Pot Freezer Meals

One prep day turns into over thirty ready to cook Instant Pot dinners, from pulled pork to chicken curry. Everything goes from freezer to pot with no thawing required.
Get the idea here ↗
5. Crockpot Freezer Meals

A true dump and go lineup of eleven slow cooker dinners, from beef stroganoff to broccoli cheese soup. Just a couple hours of prep fills the freezer with a month of hands off dinners.
Get the idea here ↗
6. Creamy Pierogi Bake

Mini loaf tins filled with pierogi, a creamy garlic sauce, bacon and cheese make for warm, portioned meals that reheat beautifully in a lunch box or oven. Small and cozy, they’re built for slow, gentle reheating.
Get the idea here ↗
7. Creamy Tomato Soup with Boursin

Roasted cherry tomatoes and herb Boursin blend into a rich, oven made soup with barely any hands on time. It freezes beautifully and reheats into something that tastes far more involved than it was.
Get the idea here ↗
8. Slow Cooker Chili with Beans

A hearty, kid friendly chili made with ground beef, black beans and kidney beans that can be assembled straight into a freezer bag for a dump and go dinner later. It tastes even better the next day, once the flavors have had time to meld.
Get the idea here ↗
9. Cheesy Bean Burritos

Made from pantry staples like black beans, rice and cheese, these vegetarian burritos wrap up individually for the freezer and reheat in just a couple minutes. They’re an easy grab and go lunch that beats anything store bought.
Get the idea here ↗
10. Baked Spaghetti

This cheesy pasta bake can be fully assembled ahead and frozen without the cheese, then baked straight from frozen when it’s dinner time. It’s a crowd pleaser that stretches easily to feed a hungry family.
Get the idea here ↗
11. Cheesy Chicken Broccoli Casserole

A creamy, low carb casserole that goes from counter to table in thirty minutes when fresh, or freezes ahead using a foil lined dish trick that frees up your bakeware. It’s a great way to use up leftover cooked chicken.
Get the idea here ↗
12. Baked Ham and Scalloped Potatoes

Layers of thinly sliced potatoes, diced ham and a herby cheese sauce bake into a golden, potluck ready dish. It can be assembled and frozen unbaked, making it an easy make ahead side or main.
Get the idea here ↗
13. Garlic Chicken Immunity Soup

Loaded with garlic, chicken and vegetables, this soup blends part of the broth to thicken it naturally without cream or flour. It’s freezer friendly and especially handy to have on hand when someone in the house is under the weather.
Get the idea here ↗
14. Freezer Friendly Beef Chili

A bean free, protein forward chili made with grass fed beef, designed to be gentle on digestion and easy to batch cook. It portions neatly into freezer safe containers for quick reheating on the busiest nights.
Get the idea here ↗
15. Freezer Friendly Chicken Enchiladas

Rolled with a simple chicken and bean filling, these enchiladas can be assembled ahead, skipping the bake step, and frozen for up to two months. Bake straight from frozen for a comforting, protein packed dinner with almost no effort on the day of.
Get the idea here ↗
16. Meyer Lemon Rosemary Chicken

Just six ingredients come together for a fragrant, buttery pan seared chicken thigh dish with a bright lemon sauce. It’s simple enough for a weeknight but special enough to serve to company.
Get the idea here ↗
17. Savory Plum Chicken

Fresh plums get smashed into a sweet, tart marinade with cilantro, garlic and soy sauce for a chicken dish that’s a little different from the usual dinner rotation. It’s a great way to use up a plum tree’s worth of fruit.
Get the idea here ↗
18. Chinese Steamed Pork Patty with Preserved Vegetables

A classic Cantonese comfort dish made with seasoned ground pork and salty preserved vegetables, steamed until tender in individual bowls. It’s economical, quick to prepare, and freezes well for an easy reheat over rice.
Get the idea here ↗
19. Crockpot Chili

A thick, smoky chili loaded with beef, kidney beans and pinto beans that slow cooks all day for a rich, set it and forget it dinner. It makes eight generous servings and freezes well for up to three months.
Get the idea here ↗
20. Taco Casserole

Made with pantry staples like black beans, salsa and taco seasoning, this cheesy skillet casserole comes together in about thirty minutes. Double the batch, since it freezes well before baking and makes an easy second dinner later.
Get the idea here ↗

Hi, I’m Ashley a freelance writer who’s passionate about personal finance. Ever since I was young, I’ve been fascinated by the power of money and how it can shape our lives. I’ve spent years learning everything I can about budgeting, saving, investing and retirement planning. So if you are looking for tips, advice, or just a little bit of inspiration to help you on your financial journey, you have come to the right place. I am always here to help, and I am excited to share my passion for personal finance with you.
What Slows Innovation Down
<p>In the August 24 edition of The Insider newsletter, managing editor Gretchen Gavett writes on how AI can actually deepen human bottlenecks, becoming a conversation steward, and more.</p>
[IA, IL, IN, KS, MI, MN, MO, OH and WI] Associated Bank Up To $750 Business Checking Bonus
Extended to September 30, 2026 8/31, 6/30, 5/31, April 30, 2026, 02/28/2026, December 31, 2025, November 15, 2025, September 30, 2025, 6/30/2025
Offer at a glance
- Maximum bonus amount: $750
- Availability: IA, IL, IN, KS, MI, MN, MO, OH and WI
- Direct deposit required: No
- Additional requirements: See below
- Hard/soft pull: Soft
- ChexSystems: Yes
- Credit card funding: Up to $3,000, no American Express cards.
- Monthly fees:
- Early account termination fee:
- Household limit:
- Expiration date: December 31, 2024
The Offer
Direct link to offer
- Associated Bank is offering a checking bonus of up to $750. Bonuses are as follows:
- $100 bonus when you open a new Business Foundation Checking account and maintain a $2,000 balance for 90 days
- $400 bonus when you open a new Business Core Checking and maintain a $5,000 balance for 90 days
- $750 bonus when you open a new Business Advanced Checking account and maintain a $20,000 balance for 90 days
The Fine Print
- This offer is limited to a new Associated Bank business checking account opened and funded through December 31, 2024. Open a new Associated business checking account and receive up to a $750 Bonus with one of three options:
- A. Open a Business Foundation Checking® account and receive a $100 bonus with a minimum deposit of $2,000 in new money within 30 days of account opening. Also, must maintain a minimum daily balance of $2,000 between days 31 to 90 after opening your account. OR
- B. Open a Business Core Checking® account and receive a $400 bonus with a minimum deposit of $5,000 in new money within 30 days of account opening. Also, must maintain a minimum daily balance of $5,000 between days 31 to 90 after opening your account. OR
- C. Open a Business Advanced Checking® account and receive a $750 bonus with a minimum deposit of $20,000 in new money within 30 days of account opening. Also, must maintain a minimum daily balance of $20,000 between days 31 to 90 after opening your account.
- New money must be funds from outside Associated Bank; deposits or transfers from existing accounts do not qualify. The bonus is deposited into the new Associated Bank business checking account within 120 days of account opening. Account must be open at the time the bonus is paid and must remain open for a minimum of 12 months. If the account is closed within 12 months, Associated Bank reserves the right to deduct the monetary bonus from the account prior to closing.Offer limited to one per customer and cannot be combined with other specials or offers. New customers opening online are limited to IA, IL, IN, KS, MI, MN, MO, OH and WI. Offer not available to customers who have received a new business checking account monetary bonus within the last 24 months and have or have had an Associated Bank business checking account within the last 12 months. Primary owner on the account must be 18 years or older to qualify. For tax reporting purposes, the bonus may be reported to the IRS on Form 1099. Associated Bank colleagues are not eligible. The offer is subject to change, at Associated Bank’s discretion, at any time without notice and other exclusions may apply.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Business Foundation ($100)
This account has no monthly fees to worry about.
Business Core ($400)
Business core has a $20 monthly fee, waived the first two months. After that is waived if you meet any of the following:
- Maintain average monthly balance of $5,000
- Hold $20,000 in average relationship balances.
- Utilize an Associated Bank Merchant Services Account
Business Advanced Checking ($700)
Monthly maintenance fee of $35, waived by:
- Maintaining an average monthly balance of $15,000 OR
- Average relationship balances⁵ of $75,000 OR
- Utilize an Associated Bank Merchant Services Account
Early Account Termination Fee
Account needs to be kept open for 12 months otherwise bonus is forfeit.
Our Verdict
Previous best bonus was a $300 referral but requirements were significantly easier. If you put $15,000 into a 5% account for 12 months (this is required for the $750 bonus to keep fee free) you’d miss out on $750 in lost interest, so that one is not worth considering (keep in mind you’d need $20,000 in there for the first three months to trigger the bonus). $400 bonus you’d miss out on $250 so that one is barely worth considering either. I’d probably just give this one a miss and hope for a bigger bonus to come along.
Hat tip to reader TheOtherCarl
Useful posts regarding bank bonuses:
Here’s What Happens When You Leave a Lot of Money in Your Savings Account
I earn 4.00% APY on my savings right now, which is a really good interest rate. I keep about $20,000 in cash for emergencies there, and that earns about $800 per year in interest. Not bad at all!
But beyond that emergency fund, I don’t want to keep too much money in a savings account. At some point, extra cash sitting there actually costs me money instead of making it.
That’s because those same dollars could be working a lot harder if invested long term. Here’s how I split my cash between saving and investing — and why keeping too much in the bank is a mistake.
How much interest a savings account earns
Right now, the national average savings account pays 0.38% APY, according to the FDIC. Top online savings accounts pay upwards of 3.50% to 4.00% instead.
That gap is bigger than it looks. At the 0.38% APY average, a $20,000 balance earns about $76 a year in interest. At my 4.00% rate, that same $20,000 earns roughly $800. It’s the same money at the same risk, but it pays about 10 times more.
So if your cash is still parked at a big bank earning next to nothing, that’s the easiest money you’ll make all year. Compare today’s best high-yield savings accounts and grab a rate that actually pays you.
Where “a lot” turns into “too much”
Even if you’re earning a high interest rate, there’s a point at which excess savings isn’t doing you much good.
A full emergency fund in savings should be between three and six months of essential living expenses. This is cash you need to keep liquid, and you’ll want it earning the highest APY possible to keep up with inflation.
If you have other short-term savings goals (like saving up for a house or car in the next couple years), you should keep that in a savings account, too.
But for any money above that, it’s like your long-term money is stuck in a short-term job. It can grow way bigger if you invest it instead.
Let’s say you’re a supersaver and you’re sitting on an extra $50,000 in savings (congrats, by the way — that’s a huge accomplishment on its own).
Keeping that money in savings feels safe, and it is. But safe money barely keeps up with inflation, so it’s not really growing much at all over the years. If you invest that money instead, that same $50,000 could work a whole lot harder for you.
The S&P 500 has returned nearly 10% a year on average since 1928, according to Motley Fool Money research. Let’s be conservative and assume 8% instead of 10%. Here’s what a spare $50,000 looks like over time, sitting in savings at 4.00% versus invested at 8% annual return.
|
Time |
In Savings (4.00%) |
Invested (8%) |
Difference |
|---|---|---|---|
|
After 10 years |
~$74,000 |
~$107,900 |
~$33,900 |
|
After 20 years |
~$109,600 |
~$233,000 |
~$123,400 |
|
After 30 years |
~$162,200 |
~$503,100 |
~$340,900 |
Data source: Author’s calculations.
The longer the money sits, the wider the gap gets because of compound growth.
What I do with all my savings
My money set-up is pretty simple. I keep my emergency fund in a high-yield savings account earning the highest APY possible. Right now my account pays 4.00%, which is a top rate in 2026.
Everything beyond that goes to investing accounts. I’ve been buying index funds for over 15 years, inside my Roth IRA, workplace 401(k) and regular brokerage account.
There’ve been a few really scary years when the stock market has had massive drops (during the COVID-19 pandemic, for example). But I’ve thankfully never sold anything and my accounts have always fully recovered — and way more. Volatility is part of investing, but if you hold for years and decades, that’s where true wealth is built.
Start by figuring out how much you really need in savings. Add up your emergency fund plus anything you’ll need in the next couple of years, and keep that in a high-APY savings account.
Then take a hard look at what’s left over. If you’ve got a huge balance just sitting idle, that’s the money that could be growing long-term wealth.
Compare the best online stock brokers and put your excess savings to work. The sooner it’s invested, the more time it has to grow.
Better board battles Garg in court over governance shift
Vishal Garg and Better Home & Finance will square off before a federal judge as the sides’ boardroom battle reaches a major early hurdle.
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U.S. District Judge Margaret M. Garnett on Wednesday afternoon will listen to Better’s motion for a temporary restraining order on Garg
“If through those solicitations he accumulates a bare majority of the outstanding voting power of the company, he can enact his corporate takeover, which presents a real and irreparable harm to the company and its shareholders,” wrote Lewis in a declaration published Monday.
Better Home & Finance
The lender is suing Garg for securities violations, alleging his shareholder solicitations were improper, and that his Securities and Exchange Commissions filings are still incomplete. They’re seeking a 30-day pause on Garg’s efforts, and have meanwhile
Garg responded in court Tuesday, refuting the securities violations claims and explaining Better’s fault for his “administrative error” in previously pledging a majority of shareholder support he garnered. He also shared screenshots of his text messages with board members and Lewis, which suggest their contradictory actions following Garg’s removal.
The founder is seeking to remove board members and embark on
Better’s mixed messaging
Following his removal, Garg says Better offered him a lucrative vice chairman role to advise Lewis, which he turned down because of its limited scope and responsibility to address wider concerns.
Days later he said he met with two of Better’s directors, who said they regretted hiring Lewis. The board members told Garg that they and two additional directors would resign from the board to aid Garg’s return plan if he could demonstrate a majority of shareholder support via a requisition letter.
The ex-CEO then gathered support representing 51.65% of Better’s voting power, which he represented to the company and the media earlier this month. However, Garg explained that turned out to be an administrative error from Better’s in-house securities and regulatory counsel.
In reality, some of Garg’s shares were convertible options that couldn’t be voted on, he said. However, the company didn’t explain the discrepancy to Garg’s attorneys when they asked about it last week, and the company sued him for his alleged securities filings violations a day later.

Garg suggests his updated SEC filings render Better’s motions to block his solicitations moot. In a renewed proxy statement Tuesday, the ex-CEO said his group currently represents 13.7% of the company’s outstanding shares of voting stock.
The Garg-Lewis relationship
In a separate filing Tuesday, Garg included screenshots of dozens of alleged text messages from Lewis, which portray the former hedge fund boss and investor as supportive before turning a cold shoulder.
One March text simply read “I actually love you,” with no context; another shows Lewis commiserating with Garg on the demands of the CEO role, with Lewis allegedly writing, “I don’t want to be an operating CEO because I know the toll it takes on me.”
While Garg shared Lewis’ alleged texts on the day of his firing offering comfort, a final message on Aug. 11, shortly after Garg’s first attorney letter to Better, took a different tone.
“Vishal. Remember, every move you make — I have planned for it in advance,” the interim CEO allegedly wrote.
Lewis acknowledged the texts to the New York Post Tuesday, while Better declined to comment. Vishal Garg also did not share a comment beyond his legal filings.
Next steps
Better is also seeking a preliminary injunction on Garg on top of a potential temporary restraining order, although Judge Garnett will only weigh the TRO. Garg in court filings argued that the injunction would block aggrieved shareholders from taking action against Better’s board.
The sides have traded barbs in recent weeks, with both sides raising concern over Better’s past and current performance. While Better has pointed to $1.5 billion in net losses under Garg since 2022, the ex-CEO has pointed to the company’s stark stock price decline since his firing.
Garg is pitching a return plan including a $30 million stock buyback, and a $5 million personal investment as part of a 10b5-1 stock plan. He’s also pledged to work for a $1 salary until the company becomes profitable, and embark on a search for a long-term CEO.
“Prompt action is needed to reverse the substantial decline in the company’s stock price that followed the Board’s installation of Lewis as the Interim CEO,” he wrote in a filing. “To restore confidence among the Company’s capital markets counterparties and business partners, and to put the company on a path to recover the losses that common shareholders have already sustained.”
