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I have a couple grand to save for my child's college education... what do?
Posted on 2/11/14 at 10:09 am
Posted on 2/11/14 at 10:09 am
What's the best way to invest $2,000 with the intent to use it 14-15 years later for college for your 1 or 2 kids?
Posted on 2/11/14 at 2:15 pm to OaklandFire
Is the Louisiana State 529 plan a good one? Looks pretty good to me
Posted on 2/11/14 at 3:09 pm to Rev1897
quote:
Is the Louisiana State 529 plan a good one? Looks pretty good to me
The Louisiana START program is pretty solid. I'm a fan.
Posted on 2/11/14 at 3:17 pm to OaklandFire
Posted on 2/11/14 at 4:09 pm to OaklandFire
If you have not maxed out your retirement savings do that first.
College grants and scholarships and a part time job can pay for college.
If you have extra money, 529 is best plan.
I have Coverdell and 529 for both of my kids, but I've maxed retirement every year too.
College grants and scholarships and a part time job can pay for college.
If you have extra money, 529 is best plan.
I have Coverdell and 529 for both of my kids, but I've maxed retirement every year too.
Posted on 2/11/14 at 8:45 pm to Broke
quote:
529 College plan
Why? I would never buy one of these. Please explain.
Posted on 2/12/14 at 3:40 am to Douboy
quote:
Why? I would never buy one of these. Please explain.
529 plans are designed to offer tax benefits and flexibility to families saving for college.
Significant tax advantages
Tax-deferred earnings: The money that you invest in a 529 plan account grows tax-deferred, which means that your money can work harder than in a taxable account (see the chart below).
Tax-free qualified withdrawals: You don't pay federal or state taxes on withdrawn money when it's used for a qualified, college-related expense.2
State tax advantages: In addition, many states offer income tax incentives on contributions to their state-sponsored 529 plans. Often, this takes the form of a deduction from your state taxable income or as a credit on your state income tax.3 (Some states recapture deductions and/or credits in certain circumstances such as non-qualified withdrawals; please read the applicable plan's offering document for more specific information.)
Gift tax benefits: You can contribute $14,000 (single)/$28,000 (married, filing jointly) in a single year without incurring a gift tax. You can also benefit from accelerated gifting where you can make up to five years' worth of gifts ($70,000 if single/$140,000 if married, filing jointly) to a 529 plan account beneficiary in one year without incurring gift taxes.
Why would you not?
Posted on 2/12/14 at 3:00 pm to nogoodjr
Very good explanation here. Also note to add, its transferable. Meaning if your child so happens to get a full ride then you can transfer the 529 to anyone else for their benefit.
If you get lucky enough to were no child needs it and you need to liquidate then you'll pay 10% penalty plus tax.
Also, 529 are weighted the least amount as for the childs ability to receive financial aid.
If you get lucky enough to were no child needs it and you need to liquidate then you'll pay 10% penalty plus tax.
Also, 529 are weighted the least amount as for the childs ability to receive financial aid.
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