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re: Savings Plan for Children - 529 vs. Other Options
Posted on 2/28/24 at 11:54 am to LSUBlake11
Posted on 2/28/24 at 11:54 am to LSUBlake11
Had a 529 for roughly 15 yrs. Got spooked when I learned that FASFA counts it against their calculation for tuition qualification amount. Proceeded to roll it into a Brokerage Account.
In hindsight, if known about the current rollover option, I would have left it alone. I'm not too broken up about it as I understand I still can receive the tax avoidance on the withdrawal(s) with the Brokerage if used for educational purposes.
In hindsight, if known about the current rollover option, I would have left it alone. I'm not too broken up about it as I understand I still can receive the tax avoidance on the withdrawal(s) with the Brokerage if used for educational purposes.
2
Posted on 2/28/24 at 12:18 pm to Nu Iota Prophet
quote:
Had a 529 for roughly 15 yrs. Got spooked when I learned that FASFA counts it against their calculation for tuition qualification amount. Proceeded to roll it into a Brokerage Account.
I’m not an expert on this aspect by any means, but as long as the parent is the owner of the 529 plan (with the student as beneficiary), isn’t this pretty much a wash compared to any other parent-owned asset in terms of financial aid calculation?
In fact, if you take those funds and put them into an asset owned by the child, that would be the real penalty toward the EFC calculation (again, per my limited understanding).
Posted on 2/29/24 at 4:15 pm to Nu Iota Prophet
quote:
Had a 529 for roughly 15 yrs. Got spooked when I learned that FASFA counts it against their calculation for tuition qualification amount. Proceeded to roll it into a Brokerage Account.
I'm almost positive they count both essentially the same, so I'm not sure what this accomplished.
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