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Started By
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529 plan advise
Posted on 3/21/18 at 9:43 am
Posted on 3/21/18 at 9:43 am
I'm thinking of starting a 529 for my 3 year old twins.What are some of the suggestions you can offer
2
Posted on 3/21/18 at 10:14 am to labileshow
LA Start if you live in Louisiana
Posted on 3/21/18 at 10:20 am to tigeraddict
quote:
LA Start if you live in Louisiana
This
Posted on 3/21/18 at 10:52 am to labileshow
Do these plans now let you use them for private school instead of college only? I thought I read this online somewhere.
Posted on 3/21/18 at 11:13 am to Simon Gruber
quote:
Do these plans now let you use them for private school instead of college only?
I think they were trying to make it to where they could be used for BOTH.
Posted on 3/21/18 at 11:13 am to Simon Gruber
quote:
Do these plans now let you use them for private school instead of college only? I thought I read this online somewhere.
Yes pretty sure the change was made so you can use for all schooling, not just college
Posted on 3/21/18 at 11:38 am to HailToTheChiz
I read irrespective of where you live, you can start it in any state plan. Does LA start give you any extra benefit since I'm from Louisiana
Posted on 3/21/18 at 11:39 am to labileshow
quote:
I read irrespective of where you live, you can start it in any state plan
True, but if you use the state you live, like LA, then you may be able to deduct your contributions from taxes
Posted on 3/21/18 at 2:30 pm to labileshow
quote:
I read irrespective of where you live, you can start it in any state plan. Does LA start give you any extra benefit since I'm from Louisiana
This is true, but Louisiana offers one of the better plans anyway and you can deduct contributions from state income taxes.
Posted on 3/21/18 at 4:33 pm to HailToTheChiz
HB 650 will open up START for private school
Hopefully they don't screw this up.
quote:
At least five state House and Senate members are pushing bills that would expand the state's popular program for college savings, Student Tuition Assistance and Revenue Trust. Under the change, the same savings plan and tax breaks would be allowed for parents paying tuition and other expenses at private and parochial elementary and secondary schools.
Hopefully they don't screw this up.
Posted on 3/21/18 at 5:04 pm to UpToPar
quote:
This is true, but Louisiana offers one of the better plans anyway and you can deduct contributions from state income taxes.
Is there an income limit phase out for this?
Posted on 3/21/18 at 10:17 pm to tigersnipen
No and the state matches from 2-14% depending on your income. I believe any household income above 100k lowers the match to 2%.
Posted on 3/22/18 at 3:28 pm to saderade
Blasphemy
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