Where to open a 529 plan?
Team Owner
Joined: Jan 2001
Posts: 25,967
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From: Jersey
^ That's what I use.
However you should be aware that there may be some tax advantage to opening a 529 that is in your home state. For example if I had mine in NJ I would not need to pay state tax on any gains if my kid when to a college in NJ. By using the Vanguard one I am only going to save on federal tax.
However you should be aware that there may be some tax advantage to opening a 529 that is in your home state. For example if I had mine in NJ I would not need to pay state tax on any gains if my kid when to a college in NJ. By using the Vanguard one I am only going to save on federal tax.
Iro Ridg .308
Joined: Jan 2005
Posts: 1,241
Likes: 9
From: CA, IL, IN
Better off putting assets blended amongst a Coverdell and a whole life policy IMO.
If you're doing a 529, you're assuming your child will go to college no matter what otherwise you pay tax.
At least with my child's coverdell, we can use it for her grade school as well as college expenses. Supplemented that with a 5 year paid-up custom whole life policy.....my daughter's college is paid up for by the time she hits 18. If she doesn't go to school, no problem. More cash for us to supplement our retirement income. Good luck.
If you're doing a 529, you're assuming your child will go to college no matter what otherwise you pay tax.
At least with my child's coverdell, we can use it for her grade school as well as college expenses. Supplemented that with a 5 year paid-up custom whole life policy.....my daughter's college is paid up for by the time she hits 18. If she doesn't go to school, no problem. More cash for us to supplement our retirement income. Good luck.
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