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Started By
Message
529 question
Posted on 1/2/18 at 7:21 am
Posted on 1/2/18 at 7:21 am
I recently moved away from Louisiana and had a 529 for both my kids through the START program. Does anyone know if it can be used for schools out of Louisiana? If it cannot, any plans or companies anyone on here recommend?
3
Posted on 1/2/18 at 7:37 am to bayou choupique
Can be used at any college
Posted on 1/2/18 at 9:43 am to yellowfin
What happens if you get a kid, goes to college, graduates and there is still a balance in the account?
Can I just pay the taxes and keep the remaining balance?
Can I just pay the taxes and keep the remaining balance?
Posted on 1/2/18 at 9:49 am to YoungManOldMan
quote:
What happens if you get a kid, goes to college, graduates and there is still a balance in the account?
Can I just pay the taxes and keep the remaining balance?
Taxes plus a 10% penalty.
Posted on 1/2/18 at 9:49 am to bayou choupique
I believe you can still contribute even if you are no longer in LA.
It can be used for any college
It can be used for any college
Posted on 1/2/18 at 10:26 am to YoungManOldMan
quote:this is always my fear. I read a lot about how college will cost so much money by the time my kids go, but I'm concerned they'll either get a decent scholarship, or go to an in state school that doesn't cost too much. What is the right target amount to have in a 529?
What happens if you get a kid, goes to college, graduates and there is still a balance in the account?
Posted on 1/2/18 at 10:53 am to Spirit of Dunson
Posted on 1/2/18 at 11:25 am to yellowfin
quote:
Can be used at any college
i just tried calling and they said they are closed, go figure Louisiana state workers.
i did find on their q&A section that the money can be used at any school as long as it is accredited.
thanks yellowfin
Posted on 1/2/18 at 11:29 am to bayou choupique
quote:
Taxes plus a 10% penalty.
*On the growth
quote:
I believe you can still contribute even if you are no longer in LA.
*you just won't get the match or state tax deduction anymore
Check the state you moved to and see if there are any benefits to contributing to their plan instead.
Regarding the leftover balance: You can transfer the balance of the older child's 529 plan into the younger child's plan and defer the decision on whether you have to take it out. If you appear overfunded by the time the younger child makes it to school, well congratulations! I've seen worse problems.
Posted on 1/2/18 at 12:39 pm to Spirit of Dunson
quote:
this is always my fear. I read a lot about how college will cost so much money by the time my kids go, but I'm concerned they'll either get a decent scholarship, or go to an in state school that doesn't cost too much. What is the right target amount to have in a 529?
This is exactly why we have UTMA accounts for our kids instead of 529's. I realize the taxes may be a little higher now as a result, but it's not a substantial difference.
Posted on 1/2/18 at 12:59 pm to bleeng
quote:baw! $381k for my 2 year old!?!? I'm not too concerned about saving too much then.
Texas 529 calculator
Posted on 1/2/18 at 1:06 pm to LSU
quote:
This is exactly why we have UTMA accounts for our kids instead of 529's
*Actual dramatization of an 18 year old after receiving their UTMA money
Posted on 1/2/18 at 2:56 pm to Spirit of Dunson
That thing said I need $406K to go to a private college in Texas.
Get the frick out of here. You spend $406K to have the dipshit come out and make 40K?
College is hitting the point of not even going.
Get the frick out of here. You spend $406K to have the dipshit come out and make 40K?
College is hitting the point of not even going.
Posted on 1/2/18 at 4:58 pm to LSU
quote:
This is exactly why we have UTMA accounts for our kids instead of 529's.
UTMA’s count against the child for financial aid and 529’s don’t.
Posted on 1/2/18 at 8:17 pm to OleWarSkuleAlum
quote:
UTMA’s count against the child for financial aid and 529’s don’t.
True, and for those that intend to seek significant financial aid, a UTMA may not be the best option.
But it seems to be the best for us. The rate of return on our UTMA's and the availability for funds to be used on any expenses for the child will likely more than offset the tax advantages of the restrictive 529's.
Age of majority in LA being 18 may be an issue for some, but it's 21 for us, so that hasn't been a concern.
I'm not against 529's at all, but they aren't necessarily the best choice for every family like many people seem to think.
Posted on 1/2/18 at 8:25 pm to LSU
So I put a ton of money in. I’m talking like 5-6K a year for 18 years. That’s $242K for college. I know 5 yrs of LSU cost me 36K with housing one complete year.
Is this a way for me to ensure my kid just balls the frick out of Reggies and Freds for four years? Do they just make straight cash withdrawals? If so, my parents did me a serious disservice.
Is this a way for me to ensure my kid just balls the frick out of Reggies and Freds for four years? Do they just make straight cash withdrawals? If so, my parents did me a serious disservice.
Posted on 1/3/18 at 4:52 am to LSU
With this new tax bill you can now use money from your 529 to pay for k-12 education as wel.
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