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re: LA 529 Start Plan for HS Tuition
Posted on 2/14/24 at 11:24 am to Delacroix
Posted on 2/14/24 at 11:24 am to Delacroix
quote:
cant you only withdraw 529 for Higher education expenses? How would you go about withdrawing for K-12 Expenses from the base 529 plan?
Yeah I commingled terms but I was referring to the START K-12 plan when I said 529.
quote:
One advantage of the START K-12 program is that you are not taxed on earnings. Seems like the best strategy would be to contribute to START K-12 from birth-Kindergarden, then stop contributing once you have actual tuition expenses then claim the tuition deduction. Unless I'm misunderstanding something?
No you have it right. I’m sure saving while they’re in school could be beneficial for some too. Maybe?
For my personal situation, I can write off $2,400 for Start K-12 contributions, saving me $102 (4.25% marginal rate). While tax free growth is nice, any START funds used cannot be also used to take the private school tuition deduction, so ideally START would cover the amount over the annual limit, which is now $6,000 per child.
1
Posted on 2/14/24 at 12:36 pm to slackster
quote:
No you have it right. I’m sure saving while they’re in school could be beneficial for some too. Maybe?
For my personal situation, I can write off $2,400 for Start K-12 contributions, saving me $102 (4.25% marginal rate). While tax free growth is nice, any START funds used cannot be also used to take the private school tuition deduction, so ideally START would cover the amount over the annual limit, which is now $6,000 per child.
thanks for the explanation.. So if I'm understanding this correctly. The best way for me to maximize the deduction is to pay $6,000 out of pocket, and use my saved START funds for the remaining balance of tuition?
Also, am I correct in understanding I cannot write off $2400 of START deposit and also claim the $6,000 Tuition deduction in the same year?
This post was edited on 2/14/24 at 12:38 pm
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