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Started By
Message
START 529 K-12
Posted on 12/3/21 at 9:52 am
Posted on 12/3/21 at 9:52 am
I have a fair understanding of traditional college 529. What is the consensus on utilizing the START K-12 program?
As I understand it,
-there are no upfront tax breaks (although this may be changing in 2022?).
-any gains are exempt from federal (and state?) tax if used for approved private schools in Louisiana
-maximum 10k withdrawal per year (is this per child or total?)
-maximum total 180k deposit for all children
- can roll funds into traditional college 529 when child graduates high school
I assume, although have not seen it written, that you can withdraw your principal at anytime without penalty?
This seems like a no-brainer if you have kids in private school in LA, but have not talked to anyone personally who has used it.
Appreciate any comments.
As I understand it,
-there are no upfront tax breaks (although this may be changing in 2022?).
-any gains are exempt from federal (and state?) tax if used for approved private schools in Louisiana
-maximum 10k withdrawal per year (is this per child or total?)
-maximum total 180k deposit for all children
- can roll funds into traditional college 529 when child graduates high school
I assume, although have not seen it written, that you can withdraw your principal at anytime without penalty?
This seems like a no-brainer if you have kids in private school in LA, but have not talked to anyone personally who has used it.
Appreciate any comments.
5
Posted on 1/16/22 at 5:22 pm to lsumed
Posted on 1/17/22 at 7:33 pm to lsumed
I don’t know either. I set up the regular one though.
Posted on 1/17/22 at 8:08 pm to lsumed
I have it. I plan to send my kids to private school until high school graduation. I signed up to create an education savings in case something hit the fan and I could not pony up the tuition for 1 or 2 years. As of now I pay tuition out of pocket, but I like it because once it is deposited, it's my children's education money only. Changes from life events will not affect their savings. You can roll it over to college.
Posted on 1/17/22 at 10:05 pm to lsumed
I have a traditional 529 for my kid. I don’t live in LA anymore and it’s through New Hampshire. Opened through Fidelity.
I am pretty sure I could use these funds to pay for private high school for my child. Don’t plan on it but It would be there if needed.
I am pretty sure I could use these funds to pay for private high school for my child. Don’t plan on it but It would be there if needed.
Posted on 1/18/22 at 8:10 am to lsumed
I've long maintained a traditional START fund and have two kids in Private school (HS and elementary). I may be missing something, but the K-12 Plan just doesn't seem worth it to me without the same tax breaks as the traditional plan.
Posted on 1/18/22 at 8:19 am to Black n Gold
quote:
K-12 Plan just doesn't seem worth it to me without the same tax breaks as the traditional plan.
Tax deferred growth but no deduction and match like regular 529, correct?
Posted on 1/18/22 at 2:21 pm to fatboydave
quote:Seems like it. I have the traditional one from Louisiana because of the above benefits.
Tax deferred growth but no deduction and match like regular 529, correct?
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