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LA START account - unborn child?
Posted on 9/12/12 at 12:54 am
Posted on 9/12/12 at 12:54 am
Wondering if it's possible to go ahead and open a college savings account with START before my kid is born? He/she will not be born until next year, and i believe a SS # is required to be named on an account.
I guess my question is can i just open the account in my name, start contributing monthly, and then just add my kid to the account when a SS # is issued?
I plan on calling them tomorrow, but any advice or input would be appreciated
I guess my question is can i just open the account in my name, start contributing monthly, and then just add my kid to the account when a SS # is issued?
I plan on calling them tomorrow, but any advice or input would be appreciated
1
Posted on 9/12/12 at 5:18 am to mcgriff
Yes, you can list yourself for now and change to the child later.
Posted on 9/12/12 at 8:22 am to tigers win2
quote:
Yes, you can list yourself for now and change to the child later.
I don't think this is correct.
Every account must have an owner and a beneficiary. You can only be the beneficiary and owner if you are an "independent student".
"15. Can I set up an account for myself?
To open an account and name yourself as beneficiary, you must be classified as an “Independent
Student.”"
LINK
Posted on 9/12/12 at 9:15 am to poule deau
I just called and i was told that in order to do this, i can make myself the account owner and beneficiary. Then when my kid gets a ss#, i can add them as beneficiary on the account.
She didnt mention any requirement about being an independent student. Will report back once i do it
She didnt mention any requirement about being an independent student. Will report back once i do it
Posted on 9/12/12 at 9:32 am to mcgriff
quote:
I just called and i was told that in order to do this, i can make myself the account owner and beneficiary.
If they let you do this, do you still get to claim the state income tax deduction for the contributions? Seems like a big loophole if they allow this.
Posted on 9/12/12 at 10:34 am to poule deau
I opened an account for myself and I am not a student. Later changed the bene when the kid was issued a soc sec #.
Posted on 9/12/12 at 12:05 pm to Breadcrumbs
quote:
I opened an account for myself and I am not a student.
Were you able to claim the contributions on your income tax return for the state?
Posted on 9/12/12 at 5:41 pm to poule deau
I opened an account in my name today as owner & beneficiary. Had to classify myself as an independent student, even though i am not currently enrolled (i put my actual enrollment year of 2004 on the app and had no problems)
I called to confirm that this is the correct way to go about it and they said yes. Didnt ask about the tax deduction, but i'll plan on taking it. Shouldn't really matter that it is being contributed a few months before the kid is born
I called to confirm that this is the correct way to go about it and they said yes. Didnt ask about the tax deduction, but i'll plan on taking it. Shouldn't really matter that it is being contributed a few months before the kid is born
Posted on 9/13/12 at 9:59 am to poule deau
quote:
Were you able to claim the contributions on your income tax return for the state?
haven't filed yet, but I certainly got a letter from them including my contributions and I plan on deducting them
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