- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Another 529 question.
Posted on 4/20/17 at 12:10 pm
Posted on 4/20/17 at 12:10 pm
I live in Georgia now and want a Louisiana 529 for my newborne son. Is there anyway around the residency requirement? Do I get my dad to open it and I just make deposits?
Posted on 4/20/17 at 2:36 pm to Skeezer
I don't know about residency requirements but you don't have to be a parent to open one.
Posted on 4/20/17 at 2:43 pm to Skeezer
A 529 provides pretty good tax benefits so you can have your dad open it and make deposits but he will get the tax breaks not you. It may be worth just opening one in Georgia. The only way you could open a louisiana one and get the benefits is if the beneficiary or you are a resident of louisiana.
This post was edited on 4/20/17 at 2:46 pm
Posted on 4/20/17 at 4:21 pm to bmcmil2
I'm not too impressed with the Georgia one. And you can get up to a 4000 deduction as I understand it.
I'll have to look at it more closely
I'll have to look at it more closely
Posted on 4/20/17 at 4:52 pm to Skeezer
I live in Texas and just opened a LA based 529 for my son. There is no residency requirement.
I would also look into the benefits of opening one directly versus having the grandparent open the account. There is a difference in how the distributions effect FAFSA income reporting depending on who hold the 529 account.
LINK
I would also look into the benefits of opening one directly versus having the grandparent open the account. There is a difference in how the distributions effect FAFSA income reporting depending on who hold the 529 account.
LINK
Posted on 4/21/17 at 3:15 pm to bmcmil2
quote:
The only way you could open a louisiana one and get the benefits is if the beneficiary or you are a resident of louisiana.
negative, I have a LA 529 and a rental home in LA and deduct the contributions against my LA income tax.
Posted on 4/21/17 at 3:57 pm to Zilla
quote:
negative, I have a LA 529 and a rental home in LA and deduct the contributions against my LA income tax.
Guess I needed to be more be clear ;)
..the only way is if you can "appear" to be a resident of LA.
quote:
I live in Texas and just opened a LA based 529 for my son. There is no residency requirement.
The residency requirement is for the LA 529 Start Account in which LA matches a % of contributions. I got that information directly from their overview.
This post was edited on 4/21/17 at 3:58 pm
Posted on 4/21/17 at 4:16 pm to Skeezer
quote:
'm not too impressed with the Georgia one. And you can get up to a 4000 deduction as I understand it.
I'll have to look at it more closely
Unless Georgia gives you tax benefits or matches it in any way, using another states that won't match because you aren't a resident is moot anyway right?
There's two reasons to pick them, because your in-state one supplies you with some additional benefits like a match/ bonus/ tax. Or because its the plan you like the most.
I'm in Florida and I can't remember but I went with like the Oklahoma or some other state plan. Its what my uncle that is a financial adviser recommended.
I would assume Louisiana will allow anyone to use their plan, its just that obviously only residents get the benefits they offer to their residents.
Posted on 4/21/17 at 7:08 pm to baldona
Decided to go with Utah 529. They had the largest selection of vanguard funds out of all the ones I looked into.
Went with 100% in the vanguard growth index.
I was surprised by how many funds they had available.
Went with 100% in the vanguard growth index.
I was surprised by how many funds they had available.
Back to top
Follow TigerDroppings for LSU Football News