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re: Beginner investors. My 2 teen kids.
Posted on 4/5/23 at 4:05 pm to lsugorilla
Posted on 4/5/23 at 4:05 pm to lsugorilla
Roth contributions cam be withdrawn penalty free so possible to use for home downpayment. But probably best to let it ride and grow tax free 8f possible (a decision for years from now).
529 may not be best move for child. They could t against financial aid if owned by kid (double check me on that). And while could be used to find Roth later you would miss out on amnual Roth contribution in meantime and the future Roth transfer counts against Roth in those years. So after college your kids can't fund Roth IRA and roll 529 to Roth.
529 may not be best move for child. They could t against financial aid if owned by kid (double check me on that). And while could be used to find Roth later you would miss out on amnual Roth contribution in meantime and the future Roth transfer counts against Roth in those years. So after college your kids can't fund Roth IRA and roll 529 to Roth.
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