Tag: Saving for College
-
New Law; 529 Plans & Roth IRAs
One of the biggest reasons parents hold back on funding their child’s 529 College Savings Plans is the fear of overfunding it. They are afraid that they will be locking up money that can only be used for education. What if their child doesn’t go to college? The horror if their child gets a scholarship…
-
15 Answers to 529 Plan Questions
I have helped several families open 529 plans now and these are answers to 15 529 plan questions I get most often. The hardest part of a 529 plan is opening it. Hope this frequently asked questions post helps you get that 529 plan open! 1. Should I open a 529 plan with my financial…
-
Asking for 529 Gift Contributions
The Illinois Bright Start Direct-Sold College Savings Plan is a great way to save for college. If you live in Illinois or several other states, it’s probably the best 529 plan option out there. To read up on it and to open one, check out this post. Allowing family and friends to make 529 Gift…
-
529 Plans!
Opening a 529 plan is one of the best investments you can make for your child. In a 529 plan money grows tax free and can be used tax free for educational expenses. Also, in many states you can also claim a tax deduction or credit on state income taxes. Opening a 529 plan early…