{"_id":"66df52ee6df6cc867de7a6d7","title":"{\"ops\":[{\"insert\":\"Is there Zakat on college funds? How should it be calculated?\"}]}","question":"{\"ops\":[{\"insert\":\"I was wondering if Zakat is due on college funds. Reading some of the Q&A made me realize that might be the case. My son just graduated. If so when was the Zakat due? When we had access to the money to use for tuition? How will it be calculated? I have not kept tab on how much is in the funds every year since I gave him full access since he started college so he can pay for his expenses.\"}]}","answer":"{\"ops\":[{\"insert\":\"That is correct, zakat is due upon all money that is legally under one's ownership and they have access to the money. Zakat would have been due on an annual basis. Basically, you would pay 2.5% of the balance in the fund each year. If you did not pay it, then look at the statements and pay 2.5% of the balance for each year that was missed.\\n\\nWhen you calculate zakat for each missed year, you should subtract any zakat already paid from the total zakat owed for subsequent years. Here’s a step-by-step example to clarify:\\n\\nLet’s say your college fund was $100,000 and you need to pay zakat at a rate of 2.5% per year.\\n\\n1.\\tFirst Year: Zakat for the first year would be 2.5% of $100,000, which is $2,500. Pay this amount.\\n2.\\tSecond Year: For the second year, you would calculate 2.5% of the remaining amount after deducting the zakat paid in the first year from the balance, for example:\\n•\\tBalance: $80,000\\n•\\tZakat paid in first year: $2,500\\n•\\tRemaining amount after first year: $80,000 - $2,500 = $77,500\\n•\\tZakat for the second year: 2.5% of $77,500 = $1.937.50\\n3.\\tContinue for Subsequent Years: Repeat the calculation for each subsequent year, deducting the zakat paid from the remaining amount each time.\"}]}","tags":[{"_id":"668d9ff50b76658b4c232a40","tag":"Zakat: Al-Mal","count":57}],"createdOn":"2024-09-09T19:56:30.885Z"}