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Billy__Beane 06/04/20 7:30:36 AM #1: |
Just reading about it, pros and cons. Seems like a great idea. Tax free college funds for kids. I want to pay for my kids' undergrad in full. I don't expect them to get FAFSA loans anyways and it doesn't exclude them from merit based scholarships. Seems like it doesn't make a difference for tax deductions in california but its still tax free growth.
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EndOfDiscOne 06/04/20 7:48:54 AM #2: |
Yes. In my state theres a tax credit but even without that its a good deal
--- I am the Cheese! I am the best character on the show! I am better than both the salami and the bologna COMBINED! ... Copied to Clipboard!
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Dat_Cracka_Jax 06/04/20 7:54:39 AM #3: |
EndOfDiscOne posted...
Yes. In my state theres a tax credit but even without that its a good dealSame here --- ... Copied to Clipboard!
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jcmason 06/04/20 8:37:44 AM #4: |
We have them for both our kids, and will setup one for the third kid as well. Though they can be transferred within the family as I understand, so if one kid doesnt need it, the funds can be spent on the other kid. At the rate tuition costs are growing though, any amount I can save within the next 18 years does seem like itll be a drop in the bucket compared to what the tuition expense will be.
--- https://join.worldcommunitygrid.org?recruiterId=545336 i7-7700K|H80|Z270|8GB 1070 GTX|16GB DDR4 @3200MHz|Corsair Graphite Series 600T White ... Copied to Clipboard!
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DevsBro 06/04/20 8:40:43 AM #5: |
They have 529 in California? I always thought it was just an Alabama thing since they always call it Alabama 529.
Anyway, yes, we have one for Little DevsBro. I read literally all the documentation for it and it seems like there's pretty much no risk. If your kid doesn't want to go to school, you just get the money back anyway. --- 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 ... Copied to Clipboard!
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EndOfDiscOne 06/04/20 8:45:52 AM #6: |
DevsBro posted...
They have 529 in California? I always thought it was just an Alabama thing since they always call it Alabama 529.529 comes from IRC code section 529 which is federal. But 529 plans are to be maintained by the state. Most states have them. --- I am the Cheese! I am the best character on the show! I am better than both the salami and the bologna COMBINED! ... Copied to Clipboard!
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Billy__Beane 06/04/20 9:22:18 AM #7: |
DevsBro posted...
They have 529 in California? I always thought it was just an Alabama thing since they always call it Alabama 529. You get it back after tax and 10% penalty I believe ... Copied to Clipboard!
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CapnMuffin 06/04/20 9:24:30 AM #8: |
Yeah I do. You can use it for any educational expense, not just tuition. Plus a lot of providers can give you a link to give to family if a grandparent or someone wants to contribute.
--- Parent or parent-to-be? Come join us: https://gamefaqs.gamespot.com/boards/1027-all-things-parenthood NNID : CapnMuffin | XBGT : Capn Muffin ... Copied to Clipboard!
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DevsBro 06/04/20 9:27:16 AM #9: |
Billy__Beane posted...
You get it back after tax and 10% penalty I believeI don't remember reading thst but it has been a couple of years. I was more concerned with whether it was a "mwahaha you get nothing". --- 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 ... Copied to Clipboard!
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The Trent 06/04/20 9:27:57 AM #10: |
both my kids have them and they're a pretty dope
--- i swear to God most of y'all cats just don't know The Trent you barely know yourself so i guess most of y'all should be offended ... Copied to Clipboard!
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EndOfDiscOne 06/04/20 9:29:40 AM #11: |
DevsBro posted...
I don't remember reading thst but it has been a couple of years. I was more concerned with whether it was a "mwahaha you get nothing".To clarify it's only the gains that are subject to the 10% penalty. Any money you put in is 100% your money. So the only downside of a 529 plan is that you could potentially make more money by investing elsewhere. --- I am the Cheese! I am the best character on the show! I am better than both the salami and the bologna COMBINED! ... Copied to Clipboard!
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Billy__Beane 06/04/20 9:30:26 AM #12: |
Do you guys know the max limit of contributions?
And correct me if I'm wrong, if in Cali there is no tax deduction.... It basically works as an investment account for education where I don't pay any capital gains, it's free profits. And because there's no deduction, I'm essentially being taxed on it up front. That would be the only different between that and a simple brokerage account. Im going to do it for sure for my kids, but I'm just gathering the details. Also what provider do you guys use? ... Copied to Clipboard!
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Romulox28 06/04/20 9:32:31 AM #13: |
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DevsBro 06/04/20 9:32:56 AM #14: |
Billy__Beane posted...
Do you guys know the max limit of contributions?IIRC it was $75k/yr but you should obviously read your documentation to be sure. Also IIRC you could still technically contribute more than that but it was treated differently somehow. --- 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 53 ... Copied to Clipboard!
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Master_Bass 06/04/20 9:33:31 AM #15: |
DevsBro posted...
I don't remember reading thst but it has been a couple of years. I was more concerned with whether it was a "mwahaha you get nothing".Yeah, it's a 10% penalty on earnings if you use the money for something else other than education or just take it back. You also have to pay income tax. There are a few exceptions to like such as the beneficiary died, etc. --- Many Bothans died to bring you this post. ... Copied to Clipboard!
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