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re: what to do with my toddlers money instead of leaving in their money box?
Posted on 1/2/20 at 2:37 pm to 632627
Posted on 1/2/20 at 2:37 pm to 632627
quote:quote:
Utma accounts
This. Up to a certain age, a utma investment account is tax free for like the first $1000/yr in capital gains.
This is the route we went. You can invest it similar to a 529 (but with less fees), but you can use it for anything that will benefit them (tuition, clothes, toys, food...). Once they turn a certain age (varies by state), the funds automatically transfer into their name.
2
Posted on 1/2/20 at 2:47 pm to Weekend Warrior79
quote:
This is the route we went. You can invest it similar to a 529 (but with less fees), but you can use it for anything that will benefit them (tuition, clothes, toys, food...). Once they turn a certain age (varies by state), the funds automatically transfer into their name.
Is the input tax deductible like 529 plan?
Posted on 1/2/20 at 3:01 pm to Saskwatch
quote:
This is the route we went. You can invest it similar to a 529 (but with less fees), but you can use it for anything that will benefit them (tuition, clothes, toys, food...). Once they turn a certain age (varies by state), the funds automatically transfer into their name.
quote:
Is the input tax deductible like 529 plan?
Also, does the state give you free money (minimum 2%, up to 14%) match like in a 529?
Posted on 1/2/20 at 3:14 pm to Saskwatch
No, not deductible.
FYI, the 529 is only deductible on State returns, and the amount varies based on your AGI and per state.
FYI, the 529 is only deductible on State returns, and the amount varies based on your AGI and per state.
Posted on 1/2/20 at 3:17 pm to TigerTatorTots
quote:
Also, does the state give you free money (minimum 2%, up to 14%) match like in a 529?
No match.
I am not familiar with the state match program. Are there limitations on how much the State matches? Is there an AGI phase out?
Posted on 1/2/20 at 3:26 pm to Weekend Warrior79
The minimum is 2% which majority of people fall into this category. Still, free money is free money
Posted on 1/2/20 at 3:45 pm to TigerTatorTots
Somebody Referenced the VIT fun on this board once.
I wish I knew more about it.
It seems something good to invest in once everything hits the rails.
I wish I knew more about it.
It seems something good to invest in once everything hits the rails.
Posted on 1/6/20 at 3:21 pm to Weekend Warrior79
quote:
Utma accounts
i think this is the route i want to go vs a 529. any suggestions on who to set it up with?
Posted on 1/6/20 at 4:11 pm to TheOcean
quote:
My hedge fund is looking for new investors
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