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Louisiana 529b K12
Posted on 2/4/19 at 9:25 am
Posted on 2/4/19 at 9:25 am
Who is using next year? Just looking to open a dialogue. Looks like $4800 would be max the wife and I contribute yearly. It’s my understanding that amount would be tax deductible....sound right?
Gonna open one up soon. If I drop $4800 in it, that money would be available for 2019-20 school year penalty free? Obviously we would do that for the tax deduction. I guess if isn’t tax deductible, it’s a huge waste of time....I’m rambling. Who can enlighten us?
Thanks in advance.
Gonna open one up soon. If I drop $4800 in it, that money would be available for 2019-20 school year penalty free? Obviously we would do that for the tax deduction. I guess if isn’t tax deductible, it’s a huge waste of time....I’m rambling. Who can enlighten us?
Thanks in advance.
3
Posted on 2/4/19 at 9:52 am to BehindtheWoodshed
It's tax deductible but only for Louisiana taxes. And you don't get to double up on the tax deduction for Louisiana taxes that is already available for K-12 tuition payments of $5,000 per child.
The only real benefit of this plan is for people that can contribute money right after birth of the child, and the money will grow tax-free and can be taken out tax-free as well.
Popping the money in and taking it out a few month later isn't going to do much for most people unless you happen it nail something in the market.
The only real benefit of this plan is for people that can contribute money right after birth of the child, and the money will grow tax-free and can be taken out tax-free as well.
Popping the money in and taking it out a few month later isn't going to do much for most people unless you happen it nail something in the market.
Posted on 2/4/19 at 11:39 am to BehindtheWoodshed
quote:
I guess if isn’t tax deductible,
it is but just for state which is why i am weighing my options also.
Posted on 2/5/19 at 12:28 pm to BehindtheWoodshed
The LA K-12 plan is not currently deductable for state income tax like the Higher Ed plan. That may change after this year's legislative session.
This post was edited on 2/5/19 at 12:30 pm
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