529 Savings For your Kids

[doc holiday13]

My child is 4 years old now. I'm a little behind the ball on saving for college or trade school. Depending on the state you live in, you might get a state level tax benefit. Seems pretty sweet considering it can be used for other than college things like K-12 tuition, tutoring, or even transferring it to your kids Roth IRA. I looked at them a few years ago but wasn't super disciplined enough to allocate the funding to start

 

[Kroach]

Indiana is a 20% state tax credit. Max of $1500. So put in $7500 get $1500 on state tax. Can contribute through different accounts for different kids or spouse.

My wife is currently going to college so put everything through a 529 then pull it right out to pay for that semester. No student loans and get the 20%.

Definitely encourage everyone to take advantage of programs like these to lessen the tax burden.

 

[doc holiday13]

My wife is currently going to college so put everything through a 529 then pull it right out to pay for that semester. No student loans and get the 20%.

Thats how its gonna roll for my step kids. They're in private school so they'll each get a 529 that I'll fund in the next couple months to pay for their fall tuition

 

[Pharmseller]

Take a hard look at investment channels for your 529. I started one 25 years ago for my son. I was less than impressed with the rate of return.

 

[MThuntrrr]

Vanguard offers one directly from their website technically through Nevada, but it functions just like any other vanguard account