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START account
Posted on 1/30/24 at 7:32 pm
Posted on 1/30/24 at 7:32 pm
Looking to create a Louisiana 529 START account for my kids colleges expenses. Anyone with experience getting reimbursed after eligible purchases etc?
This post was edited on 1/30/24 at 7:38 pm
Posted on 1/30/24 at 8:09 pm to Dailytiger1
I havent pulled anything out but have right at 25k and have been contributing small amounts each month for each kid.
All I know is you're allowed 10k per year per kid.
All I know is you're allowed 10k per year per kid.
Posted on 1/30/24 at 8:18 pm to PureMetairie
Seems easy enough and great tax breaks as long as not a major headache on the backend paying for small purchases if your kid get tops or scholarships.
Posted on 1/30/24 at 8:32 pm to Dailytiger1
I have started withdrawing last couple years when my daughter started college. Pretty simple online transaction within the account. Just select a semester and amount of withdrawal. Check comes in the mail a couple weeks later. I think the only “tricky” part is, for tax purposes, the withdrawal needs to be paid in the same year as the expense was paid. So tuition for the spring semester, if paid for in December, would need to be requested in December. If that makes sense. But I might be wrong about that.
Posted on 1/31/24 at 6:31 am to Hankg
Does anyone know if you have two kids and one gets a scholarship and only uses a portion of the account balance, can you transfer the remaining portion to the second kid's account?
Posted on 1/31/24 at 6:52 am to thatguy777
quote:
can you transfer the remaining portion to the second kid's account?
Yes.
Posted on 1/31/24 at 10:44 am to Dailytiger1
I opened start accounts many years ago and it performed very well.
I also had other 529 accts with brokers. They did well too.
Getting the money out of the start acct is a pain in the arse. Paperwork and it takes several days for them to send it to you. Getting it out of broker account is simple.
If I had it to do again, I’d avoid the START plan
I also had other 529 accts with brokers. They did well too.
Getting the money out of the start acct is a pain in the arse. Paperwork and it takes several days for them to send it to you. Getting it out of broker account is simple.
If I had it to do again, I’d avoid the START plan
Posted on 1/31/24 at 11:30 am to Dailytiger1
Was easy for my daughters college (was instate so not sure if different) transferred from Start to college. extra sent was sent back to start so no paperwork....
Posted on 1/31/24 at 11:32 am to SlidellCajun
quote:
Getting the money out of the start acct is a pain in the arse. Paperwork and it takes several days for them to send it to you. Getting it out of broker account is simple.
I mean, it's a tax advantaged account and they do need to verify withdrawals are for education related expenses. Not sure how that can be accomplished without some form of paperwork/proof. Any tax advantaged account is gonna require some checks and balances. The small effort to justify the withdrawals is very much worth the tax benefits.
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