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Message
re: Recommendations on an investment account for a newborn
Posted on 4/18/23 at 7:37 pm to SulphursFinest
Posted on 4/18/23 at 7:37 pm to SulphursFinest
quote:
That’s actually pretty awesome and cool for low income parents.
I have mixed feelings. I think certainly there's some merit to it but...we're talking the lowest class gets 16% matching funds if less than $35K a year AGI.
I get 2% because my AGI is > $175K.
This post was edited on 4/18/23 at 7:38 pm
1
Posted on 4/18/23 at 8:36 pm to redneck
One reason to consider a 529 over a UTMA is the recent change in the law that allows a portion (believe it's up to $30k) to be rolled into a roth IRA for the child
Posted on 4/18/23 at 9:43 pm to redneck
Vanguard UTMA.
VTSMX
VTSMX
Posted on 4/18/23 at 11:38 pm to GEAUXT
I am assuming you can fund both the 529 and UTMA right?
Posted on 4/19/23 at 8:28 am to DiamondDog
Someone making $35k a year and still putting their kids first is awesome. 16% to 2% is a huge gap, though.
Posted on 4/19/23 at 8:56 am to SulphursFinest
It's 14% to 2%. Here's how it is broken down: LINK
To the person that asked, you can absolutely have a UTMA as well if you'd like.
quote:
Reported AGI Rate - Earnings Enhancement
$0 to $29,999 - 14%
$30,000 to $44,999 - 12%
$45,000 to $59,999 - 9%
$60,000 to $74,999 - 6%
$75,000 to $99,999 - 4%
$100,000 and above - 2%
To the person that asked, you can absolutely have a UTMA as well if you'd like.
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