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Started By
Message
LA 529
Posted on 12/13/16 at 7:55 am
Posted on 12/13/16 at 7:55 am
Decided to take some online classes through NSU in the spring. From what I'm reading, I can invest $2,400 in a 529 account now, state will give me about 10% "earnings enhancement", I won't have to pay state taxes on this money, then I withdraw it to pay for my classes tax free (fed and state). Seems too easy.
What am I missing?
What am I missing?
3
Posted on 12/13/16 at 10:44 am to Wortivi22
Thanks for the link. I've been needing to research this. Looks pretty straight forward.
Posted on 12/13/16 at 11:22 am to cfa626
The fact that the state will pay the earnings enhancement.
If they are not broke they will pay, however currently who knows?
Also the match is based on your annual contribution amount not the average account value.
You can also pay for several things like housing and books in addition to just tuition.
If they are not broke they will pay, however currently who knows?
Also the match is based on your annual contribution amount not the average account value.
You can also pay for several things like housing and books in addition to just tuition.
Posted on 12/13/16 at 11:43 am to eng08
The amount the state will match is dependent on your income. If you have a job and work, it won't be close to 10%............... The amount you contribute will be deductible on your state taxes only....
Posted on 12/13/16 at 11:57 am to cfa626
You got it down. When my late wife went back to school this is how we did it. That earnings enhancement was an awesome treat.
Posted on 12/13/16 at 12:17 pm to BlackAdam
The reason I did any research on this is that one of my co-workers' younger brothers was looking to do this at UNO. We didn't believe this could actually be pulled off, so we wasted time at work to look into this. Surprised at what we found, to say the least. I wish Texas had something like this (or maybe they do, haven't looked yet).
Posted on 12/13/16 at 12:35 pm to randybobandy
Assuming you are a full time student with minimal income you can get a nice earnings enhancement. The OP said it was for himself.
Also the money can be withdrawn for law school, med school, or an MBA not just undergrad.
Also the money can be withdrawn for law school, med school, or an MBA not just undergrad.
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