Yes! Tax free earnings and (in Utah) a 5% tax credit up front.

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Sep 18, 2019
10:11:32pm

frontrowcougar All-American

Yes! Tax free earnings and (in Utah) a 5% tax credit up front.

Next best thing after maxing out you Roth IRA/ 401k

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frontrowcougar

Bio page: frontrowcougar
Joined: May 21, 2007
Last login: Mar 17, 2020
Total posts: 22,487 (540 FO)

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Messages

Author

Time

If you're saving for your kid's college, do it in a 529

Sexytaxman

9/18/19 9:50pm

Acorn’s got some fighting words.

Mr. Belding

9/18/19 9:54pm

If you don’t have an emergency fund, and have to raid a kids college savings

9/18/19 9:54pm

exactly!

Sexytaxman

9/18/19 9:58pm

most americans are punting on retirement let alone a college fund for kids

Mayor of Cougartown

9/18/19 9:59pm

the order is important...

Sexytaxman

9/18/19 10:07pm

#2 should be moved to #4, at least for any employer matching on 401k

Odysseus

9/19/19 6:07am

The idea is to get debt free as fast as possible.

rtNelson

9/19/19 6:34am

I agree. Odysseus is right, but most people smart enough to save for retirement

9/19/19 10:37am

What if they don't go to college?

9/18/19 9:58pm

are they going to do any type of trade school? or professional training?

Sexytaxman

9/18/19 10:03pm

Or I think its just a 10% penalty to close it up.. so not the end of the world.

cougfanz

9/18/19 10:04pm

Maybe that answers my next question, if the child dies early, I can change who

9/18/19 11:07pm

Yes you can change the beneficiary to anyone at any time.

Mr. Belding

9/19/19 6:22am

pass it to the grandkids is my plan.. each kid gets a certain (equal) amount..

cougfanz

9/18/19 10:03pm

I'm thinking this too. Unless you go into something specialized I don't think

8man

9/18/19 10:08pm

Unpossible

9/18/19 10:17pm

Yes! Tax free earnings and (in Utah) a 5% tax credit up front.

9/18/19 10:11pm

Pass

Dynomite

9/18/19 10:14pm

Just don't try to pay BYU from a 529

g$

9/18/19 10:18pm

You can reimburse yourself from a 529...

KSwiss

9/18/19 10:28pm

College will be free soon so not worrying about it

Dangerous

9/19/19 6:34am

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