OT: Does anyone have a 529 plan set up for their kids?

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  • March 2, 2016 at 2:14 pm #200535
    RE2PECT
    Participant

    Haven’t done much research other than a quick google search, but was curious to know if anyone has opened one for their kids and if they feel it’s worth it. I would be opening one in NY if that matters.

    FAR: 75 Roger & Ninja (notes/flashcards/audio/MCQ)
    AUD: 73, 81
    BEC: 71, retake 8/29
    REG:

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  • March 2, 2016 at 2:17 pm #760557
    EuroAddict
    Participant

    Do it. Great tax benefit and well, college is expensive. lol

    -----------------------------
    BEC - 77, 03/2015 (first try)
    FAR - 79, 05/2015 (second try)
    REG - 83, 12/2015 (first try)
    AUD - 84, 03/2015 (first try)

    I got 99 problems but the CPA ain't one.

    March 2, 2016 at 3:18 pm #760558
    wombataholic
    Participant

    Already have one for my 2 year old daughter and will be setting one up shortly for my month-old son.

    I can't speak for other states, but Louisiana matches a certain portion of your contributions based on income, so it's really an easy decision to do it. And as EuroAddict said, there are some nice tax benefits to it too.

    Licensed CPA
    Passed each section on the first try with Ninja Notes/MCQ/Audio

    March 2, 2016 at 3:50 pm #760559
    RE2PECT
    Participant

    So is it best to open one in the state you live in as an added tax benefit? The NY one I looked at said married couples can deduct up to $10,000 for state tax.

    FAR: 75 Roger & Ninja (notes/flashcards/audio/MCQ)
    AUD: 73, 81
    BEC: 71, retake 8/29
    REG:

    March 2, 2016 at 4:25 pm #760560
    Anonymous
    Inactive

    I don't have kids, but wouldn't set one up for my kids if I did. Couple reasons:
    1. What if my kids don't go to college? Or what if they go to a cheap school? (I went the cheap route…)
    2. I honestly believe that having to work through school and feel the pinch of the cost of a quality education is a good character-builder.

    So, I wouldn't start a 529 plan for my kids. I'd help them out some at the time, but I wouldn't get Parent Plus loans and I wouldn't give them my life savings. I didn't receive either and think I'm better for it.

    March 2, 2016 at 4:27 pm #760561
    wombataholic
    Participant

    I don't know about New York, but Louisiana has a requirement that either the owner of the account (in this case me) or the beneficiary (my kids) must be a resident of the state. I imagine it will be the same elsewhere.

    Licensed CPA
    Passed each section on the first try with Ninja Notes/MCQ/Audio

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