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re: 529 Plans and Future Child Education
Posted on 11/13/15 at 6:51 am to TigerRob20
Posted on 11/13/15 at 6:51 am to TigerRob20
Anyone here familiar with these plans and have any advice? I have a 5 month old and am looking into starting an account before the end of the year. If I max it out every year there will be a substantial amount of money saved up. If I can use it on housing for him that won't be a problem but if he goes in state his tuition shouldn't be as much as the account would be valued at (well who knows how expensive college will be in 18 years).
1
Posted on 11/13/15 at 7:59 am to Tigerstudent08
Like YF said the state matches with what they call an earnings enhancement in March of every year. Most people are going to get 4% but based on income it can go as high as 20%. You get to choose from Vanguard funds...some not all.
I have 4 kids and have an account for each of them. I put more in the older kids accounts. If you are a LA resident you can get a state deduction of up to $2400 per child per year. What is cool is you can carry over the deduction if it's not all used in a previous year.
LINK
I have 4 kids and have an account for each of them. I put more in the older kids accounts. If you are a LA resident you can get a state deduction of up to $2400 per child per year. What is cool is you can carry over the deduction if it's not all used in a previous year.
LINK
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