Louisiana 529 Plan questions for those that have one. | TigerDroppings.com

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MoreOrLes
LSU Fan
Member since Nov 2008
17418 posts

Louisiana 529 Plan questions for those that have one.



Is this hard to start on my own? Do I need my CPA to do it?

How long does it take to get up and running?

If I open it prior to April 15 does it count for tax year 2012?

I have 3 kids that are 13, 10, and 7. Thinking of putting more in the youngest's and staggering down to the oldest. Is this a decent way of approaching this?

quote:

For example, if a married couple has three children, each parent may deduct contributions of up to $2,400 per child, for a possible total deduction of $14,400 (3 children x $2,400 maximum deduction x 2 parents).


LINK


Looks good to me








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CurDog
LSU Fan
Member since Jan 2007
25399 posts

re: Louisiana 529 Plan questions for those that have one.


we have this for our three, but i cant answer any of your questions. a financial buddy of mine set them up for us





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nogoodjr
Member since Feb 2006
302 posts

re: Louisiana 529 Plan questions for those that have one.


I have them for each kid. Takes about ten minutes online to set up. Pick an investment and set up a monthly withdrawal from your paycheck or your checking account. If you are completely financially ignorant, you can choose the age based option and they will tailor your account diversification depending on the age of your children.





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poule deau
Member since Jan 2009
1031 posts

re: Louisiana 529 Plan questions for those that have one.


quote:

Is this hard to start on my own? Do I need my CPA to do it?


No and no. Go here to do it yourself.


quote:

How long does it take to get up and running?


I opened my first one about 5 years ago. Account opening was immediate, from what I remember, but nothing happens really until funds are deposited. Length of time depends on how you fund it (bank draft, check deposit, etc)

quote:

If I open it prior to April 15 does it count for tax year 2012?


I am fairly certain deposits must be made prior to 12/31 for the deposits to be claimed in that tax year.

quote:

Thinking of putting more in the youngest's and staggering down to the oldest. Is this a decent way of approaching this?


Actually, the oldest has the shortest time line so I would think to it would be more beneficial to do it in reverse from what you said. If the oldest does not exhaust the account balance, it can be used for the younger siblings.

More Q & A here

Over all, La seems to have a done a good job with this and I have been very satisfied with it. I haven't had a child hit college yet so the jury is still somewhat out. Good luck.






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MoreOrLes
LSU Fan
Member since Nov 2008
17418 posts

re: Louisiana 529 Plan questions for those that have one.


quote:

I am fairly certain deposits must be made prior to 12/31 for the deposits to be claimed in that tax year.



Ouch



and


Thanks






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