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Starting a 529 for spouse in Grad School Question
Posted on 6/10/25 at 10:37 am
Posted on 6/10/25 at 10:37 am
Is it beneficial to start a Louisiana 529 account for my wife who just went back to school for nurse practicioner?
Tuition is due by semester and the next one is in August.
Currently we have 2 children who each have their own 529 with roughly $2400/year contributions each.
If i invest in conservative funds and then immediately pay her tuition in August, would i get the Louisiana $2400 tax deduction for her as well as the $4800 combined for the kids (total $7200 tax deduction)?
Am I missing any other information?
Tuition is due by semester and the next one is in August.
Currently we have 2 children who each have their own 529 with roughly $2400/year contributions each.
If i invest in conservative funds and then immediately pay her tuition in August, would i get the Louisiana $2400 tax deduction for her as well as the $4800 combined for the kids (total $7200 tax deduction)?
Am I missing any other information?
1
Posted on 6/10/25 at 1:30 pm to Tmar1no
I used my children's 529s to fund my wife's Phd. This allowed me to use some of their gain tax free now. I then just put the money back in their account.
Posted on 6/10/25 at 2:16 pm to tigerrocket
Interesting thought..my kids are young (3 and newborn) so their accounts have not grown a ton yet. I would think the tax deduction would be more benificial in my case.
Posted on 6/10/25 at 2:36 pm to Tmar1no
I am not a CPA, but this is my understanding: The state income tax rate is a flat 3%, so if filing married you would get 3% of the contribution up to $4800 per beneficiary. If you contribute $4800 to each account, it would save you $432 in state income tax. If you contribute more, the tax deduction would carry over to future years.
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