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Started By
Message
Educate me on 529's
Posted on 6/25/13 at 1:07 pm
Posted on 6/25/13 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
Are there any other plans that may be better?
Thanks
2
Posted on 6/25/13 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
pretty sure
Posted on 6/25/13 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
Posted on 6/25/13 at 1:15 pm to yellowfin
oh ok.
welp, OP, don't listen to me
welp, OP, don't listen to me
Posted on 6/25/13 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?
Posted on 6/25/13 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.
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 6/25/13 at 1:35 pm
Posted on 6/25/13 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
Posted on 6/25/13 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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