Educate me on 529's
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Educate me on 529's
Posted by cstev12 on 6/25 at 1:07 pm
I've read up on it some but what are the pros and cons of this plan for saving for my son's education?

Are there any other plans that may be better?

Thanks



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Posted by jimbeam on 6/25 at 1:08 pm to cstev12
I'm pretty sure you have to spend it or lose it. AKA spend it all on your kids. if not, it goes to waste

pretty sure



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Posted by yellowfin on 6/25 at 1:13 pm to jimbeam
quote:

I'm pretty sure you have to spend it or lose it. AKA spend it all on your kids. if not, it goes to waste

pretty sure


nah, you just pay tax and penalty if it's spent of anything other than educational expenses.


pros is tax free growth



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Posted by jimbeam on 6/25 at 1:15 pm to yellowfin
oh ok.

welp, OP, don't listen to me



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Posted by cstev12 on 6/25 at 1:19 pm to yellowfin
quote:

nah, you just pay tax and penalty if it's spent of anything other than educational expenses.


Would off campus living be considered educational expenses?



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Posted by Volvagia on 6/25 at 1:28 pm to cstev12
Yes, up to the school certified cost of attendance.

There is a segment for rent, you can't exceed that in 529 withdrawals for that.

Keep in mind that having a 529 plan in a kids name affects their eligibility for need based financial support.


This post was edited on 6/25 at 1:35 pm

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Posted by Volvagia on 6/25 at 1:29 pm to Volvagia
To give you an idea, LSU allows for a budget of 7600 a regular semester for off campus living in their current CoA


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Posted by RebelOP on 6/25 at 1:31 pm to cstev12
Also, if a kid gets a scholarship you can pull up to the value of the scholarship, out and just pay taxes on the gains. There wouldn't be a penalty.


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