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Message
LA 529 - yes, another question
Posted on 6/26/19 at 10:06 pm
Posted on 6/26/19 at 10:06 pm
Hi - trying to figure out some of the contribution requirements.
Have a child due in late November. I would like to open an account for her in 2019 so that have another year of contribution. As late as she will be due, I'm not sure we will have a SSN number before Dec 31. Can contributions to the account like with IRA - i.e. can contributions be made thru April 15th, 2020, to count for 2019 contribution?
TIA
Have a child due in late November. I would like to open an account for her in 2019 so that have another year of contribution. As late as she will be due, I'm not sure we will have a SSN number before Dec 31. Can contributions to the account like with IRA - i.e. can contributions be made thru April 15th, 2020, to count for 2019 contribution?
TIA
2
Posted on 6/27/19 at 6:31 am to Stateguy
Able to find my own answer
Recommendation is to open in my own name and then transfer to child.
Sorry for taking up space on the board
Recommendation is to open in my own name and then transfer to child.
Sorry for taking up space on the board
Posted on 6/27/19 at 3:12 pm to Stateguy
my son was born mid November 2017. we didnt have a SS number in time to met account set-up time frame from what i remember. had to settle with setting it up in January.
Posted on 6/27/19 at 3:49 pm to Stateguy
This is correct. Tigeraddict got bad advice.
Posted on 6/27/19 at 4:46 pm to Stateguy
quote:
Recommendation is to open in my own name and then transfer to child.
Under the LA plan, you can also make up missed contributions.
So if child is born in 2019 but no contribution is made, you can contribute double the amount in 2020.
Really this all has to do with the amount you can deduct.
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