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Feb 26, 2021
2:43
:21
pm
fulano
All-American
Can a person use one of these plans for grandchildren's college expenses?
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fulano
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fulano
Joined
Nov 6, 2001
Last login
Apr 29, 2024
Total posts
20,703 (16 FO)
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Messages
Author
Time
Help me wrap my mind around 529 plans.
CougaRR4L
2/26/21 2:25pm
It’s not that great. In my state I get a deduction on State income tax for
Iman23
2/26/21 2:29pm
In my state you can apply for the state to deposit up to $500 annually
goldengoose
2/26/21 2:35pm
Is that based on income? What do you mean apply for it?
Iman23
2/26/21 2:51pm
Yes, it's income based. It phases out after $175k.
goldengoose
2/26/21 5:19pm
The answer to your first question is yes.
HenderCoug
2/26/21 2:35pm
Haha. Good catch. Edited.
CougaRR4L
2/26/21 2:37pm
I’m saving 6.9% on my state tax.
BoiseCougar
2/26/21 2:35pm
So a few hundred bucks a year?
rggee
2/26/21 3:19pm
Yep
BoiseCougar
2/26/21 3:23pm
It can be used for any educational expenses, not just tuition
WhoisJohnGalt
2/26/21 2:36pm
Why is it a .25 deduction? It’s only on state income tax, which in my state is 5
Iman23
2/26/21 2:50pm
It depends on the state
WhoisJohnGalt
2/26/21 2:57pm
Wow. That’s pretty awesome benefit. I think most states allow the transfer
Iman23
2/26/21 4:18pm
I think Utah is capped around a $200 credit
rivercitycoug
2/26/21 4:31pm
See that sounds more worth it to me.
CougaRR4L
2/26/21 8:28pm
Can a person use one of these plans for grandchildren's college expenses?
fulano
2/26/21 2:43pm
Yes
Iman23
2/26/21 2:50pm
I do it just because it forces me to contribute or remember doing it..
cougfanz
2/26/21 2:56pm
If you aren't going to pay for your kids' college tuition, then don't do a 529
El Paso Coug
2/26/21 2:58pm
You can also pay for education expenses from your own Roth IRA with no early
rivercitycoug
2/26/21 3:05pm
You can only withdraw your contributions though right? So no investment benefit.
Pepe
2/26/21 3:15pm
True, but the investment benefit is eventually there for you at 59 1/2
rivercitycoug
2/26/21 8:39pm
529’s suck - too many restrictions and zero guarantees - not what you need
Jersey hunter
2/26/21 3:12pm
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