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re: 529 Plans - Are they worth the investment for Children?
Posted on 4/25/19 at 1:27 pm to tigersfan1989
Posted on 4/25/19 at 1:27 pm to tigersfan1989
quote:
Just curious but what savings goal are you aiming for? I’ve been struggling on how much to save monthly or total
My goal is $100k per kid. I also max out the amount which is deductible in Alabama ($10k per year).
I adjust my monthly contributions as returns come in and shift contribution amounts between kids. My hope is that I can get the 1st kid through college and get a better feel for cost and then get ahead on the next 2. In a perfect scenario, I could have excess in the 529 to pay for #3's private school tuition.
For reference, my kids are 10, 7 and 2.
2
Posted on 4/25/19 at 4:23 pm to BamaAlum02
So you do roughly 830 per month per kid for college?
Posted on 9/2/20 at 12:53 pm to BamaAlum02
I’m gonna piggy back on this OP with a specific tax question.
If I’ve effectively eliminated my state tax liability and then contribute to my states 529 plan, can I carry forward that state tax deduction?? Or do I lose that for the year?
If I’ve effectively eliminated my state tax liability and then contribute to my states 529 plan, can I carry forward that state tax deduction?? Or do I lose that for the year?
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