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529b Question
Posted on 4/30/23 at 4:51 pm
Posted on 4/30/23 at 4:51 pm
I have done some research but am having a bit of trouble understanding. How much can you contribute to a 529b annually in Louisiana? Also, have any of you started a 529b in your name while baby has not been born yet then updated the beneficiary to the child once the child is born?
- Please add any advice you have on 529b from your experience.
Thank you.
- Please add any advice you have on 529b from your experience.
Thank you.
3
Posted on 4/30/23 at 6:05 pm to tigerforever7
Pretty much as much as you want. In LA use the LA start program.
I think the baby has to be alive and have a SSN.
I think the baby has to be alive and have a SSN.
Posted on 4/30/23 at 6:21 pm to tigerforever7
I believe the maximum allowable account balance is $500k in LA, so you can contribute any amount at any time up to the max account balance. Singles can deduct up to $2400 per year. Married jointly can deduct up to $4800 per year.
You can designate yourself as a beneficiary of a 529b.
You can designate yourself as a beneficiary of a 529b.
This post was edited on 4/30/23 at 6:25 pm
Posted on 4/30/23 at 7:01 pm to go ta hell ole miss
quote:
Singles can deduct up to $2400 per year. Married jointly can deduct up to $4800 per year.
This is per beneficiary fwiw
Posted on 4/30/23 at 7:43 pm to tigerforever7
No annual limit, but for tax break its $2400/$4800 single/married per dependent.
Believe there is a lifetime contribution limit. Per LAStart FAQ:
Believe there is a lifetime contribution limit. Per LAStart FAQ:
quote:
Deposits are limited to a lifetime maximum of $180,000 combined accounts for each beneficiary
Posted on 4/30/23 at 8:08 pm to tigeraddict
quote:
tax break its $2400/$4800
So even though it is like a Roth Account (where the contribution is after tax and your gains are not taxed), you still get a little tax write off?
Posted on 4/30/23 at 9:19 pm to tigerforever7
quote:
So even though it is like a Roth Account (where the contribution is after tax and your gains are not taxed), you still get a little tax write off?
In Louisiana, yes. It’s on state income tax. It varies by state. In TX, for obvious reasons there is no tax break. In MS it is 5% up to $20k, so basically $1k tax break if you invest $20k per year.
Posted on 5/1/23 at 1:48 pm to go ta hell ole miss
Thank you for all of this. I like Fidelity as a platform and run a couple things through it. Can I use Fidelity to open the account or should I use the LA Start Program?
Posted on 5/1/23 at 4:26 pm to tigerforever7
LA Start requires you to enroll directly with the program. Its underlying investments are Vanguard funds and LA State Treasurer's funds. I'm not sure Fidelity is going to be of any help here.
A few months ago I put together a massive workbook of 529 plan information--mostly for comparison purposes. (I live in TX which offers no state incentive so I was free to look at other states' plans. But for LA residents, the Start program is pretty good.)
Happy to provide any other info you might want about it.
A few months ago I put together a massive workbook of 529 plan information--mostly for comparison purposes. (I live in TX which offers no state incentive so I was free to look at other states' plans. But for LA residents, the Start program is pretty good.)
Happy to provide any other info you might want about it.
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