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Zhoo

Joined: 08/14/1998 Posts: 117636
Likes: 15877


I had a slightly different 529 approach than you have suggested..


I would use the money in the 529K to fund the kids but I would continue adding to it after they graduated for college. I would be able to enjoy some tax dedications for state taxes in Illinois every year allowed 10K per year or 20K if married. So basically I would fund their account till I pass away while passing along gifts etc tax free.

I am asking because I noticed 529s are expanding in that you can use it for private school tuition before kids go to college. Eventually I believe it will be allowed for daycare.....

It sucks I cant contribute to an HSA (we don't have one at work)…but I have a supplemental something via work that I contribute to that is similar..
[Post edited by Zhoo at 06/15/2021 1:35PM]

(In response to this post by BocaHoo91)

Posted: 06/15/2021 at 1:33PM



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Current Thread:
 
  
529 Plans and estate planning.... -- Zhoo 06/15/2021 12:23PM
  Will there even be tuition in the future? ** -- ryno hoo 06/15/2021 1:55PM
  529's can be great wealth transfer tools. -- SouthernHoo 06/15/2021 12:58PM
  I didnt know you could use your 529 for this -- Zhoo 06/15/2021 5:12PM
  Thanks for posting the link ** -- 105A 06/15/2021 3:57PM
  Not sure all states, but Va you have to use within 30 years -- Chesapeake HOO 06/15/2021 12:33PM
  Right now I have two accounts in my name -- Zhoo 06/15/2021 1:29PM
  100% yes. Can each have an account for each kid -- hoos2008 06/15/2021 3:15PM
  Tax deduction yes. But can contribute more -- hoos2008 06/15/2021 5:38PM
  Its a great way to get great gains early on -- Zhoo 06/15/2021 8:42PM
  Illinois....... -- Zhoo 06/15/2021 5:08PM

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