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529 and START for LA residents
Posted on 9/8/23 at 9:01 pm
Posted on 9/8/23 at 9:01 pm
For Louisiana residents, are you guys using START or outside state 529?
I see that you can deduct upto 4800 from state taxes. For 6% tax bracket, I don't see that as much.
If you went with outside state 529 plans, why did you do it? I noticed that LA Start is not on par with Ohio 529 as far as performance.
Any suggestions are appreciated. Thank you
I see that you can deduct upto 4800 from state taxes. For 6% tax bracket, I don't see that as much.
If you went with outside state 529 plans, why did you do it? I noticed that LA Start is not on par with Ohio 529 as far as performance.
Any suggestions are appreciated. Thank you
5
Posted on 9/8/23 at 9:19 pm to glorymanutdtiger
You’ll save all that money for your kids’ education. Lsu is going to let others in for free. Just remember that.
Posted on 9/8/23 at 9:52 pm to glorymanutdtiger
I use START. It's 8% with the earnings enhancement (6% taxes 2% "match"). That's an automatic $384 on $4800. Seems pretty significant to me.
The investments within the plans are both Vanguard though Ohio does have some additional options, but I don't think it's so much better it's going to overcome an 8% headstart in benefits.
And the math is for one kid. When you have 3, it's $1,152 a year.
The investments within the plans are both Vanguard though Ohio does have some additional options, but I don't think it's so much better it's going to overcome an 8% headstart in benefits.
And the math is for one kid. When you have 3, it's $1,152 a year.
Posted on 9/8/23 at 9:57 pm to UpstairsComputer
quote:
The investments within the plans are both Vanguard though Ohio does have some additional options, but I don't think it's so much better it's going to overcome an 8% headstart in benefits.
This. I started maxing out the investment for my older kids a little late (8ish) and the 8% plus no taxes on the gains really added up. Will cover three of their four years of out-of-state tuition. My in-state daughter will have plenty of money left over for grad school. And my youngest will have out-of-state college (or graduate school) fully paid for because I started hers at birth. It's a great program no matter which state you go with, but I'd recommend LA Start.
Posted on 9/8/23 at 10:10 pm to glorymanutdtiger
quote:
For Louisiana residents, are you guys using START or outside state 529?
I see that you can deduct upto 4800 from state taxes. For 6% tax bracket, I don't see that as much.
its better than nothing, which is what you're going to get from another state if you are a Louisiana resident
quote:
If you went with outside state 529 plans, why did you do it? I noticed that LA Start is not on par with Ohio 529 as far as performance.
it depends on what you invest in. almost all of the funds in LA Start are vanguard. they offer a total stock market and large cap index fund. kind of hard to beat the performance on those imo.
Posted on 9/8/23 at 10:12 pm to whiskey over ice
The START program might be the best this going for this shitty state.
Posted on 9/8/23 at 10:13 pm to whiskey over ice
This helps. I agree 6% is better than nothing. If they are Vanguard funds, I don’t see going out of state. Thank you all
Posted on 9/9/23 at 12:08 am to glorymanutdtiger
LA has one of the best 529 plans in the country for in-state residents. Don’t even bother looking elsewhere.
Posted on 9/9/23 at 7:14 am to UpstairsComputer
quote:
8% with the earnings enhancement (6% taxes 2% "match")
is this correct? State lowered tax rates
LINK
Posted on 9/9/23 at 8:03 am to glorymanutdtiger
I have START. No complaints.
I am in the age based aggressive track fund. I wonder sometimes if I should change it or put 50% in another fund. Any feedback on the performance of the different funds they offer?
I am in the age based aggressive track fund. I wonder sometimes if I should change it or put 50% in another fund. Any feedback on the performance of the different funds they offer?
This post was edited on 9/9/23 at 8:12 am
Posted on 9/12/23 at 3:27 pm to Mariner
I kept ours in START after we moved out of state because they still do the minimum match, and Tennessee doesn't offer any bonus.
Posted on 9/15/23 at 11:29 am to glorymanutdtiger
Can you school a dummy who hangs out on the OT and Outdoor board? I currently participate in START for my kids....I don't understand the 2% match you mention. I understand the 6% you are referring to is the fact that the tax is defferred (so you are avoiding the 6% now) however, dont you have to pay tax on earnings when you withdraw it?
Posted on 9/15/23 at 12:34 pm to fkmonark25
quote:
.I don't understand the 2% match you mention
Louisiana pays an "earnings enhancement" of 2% - 14%, depending on income level, on money deposited into the acccount.
You do not pay taxes on earnings IF you use the money for qualified educational expenses.
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