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Zhoo

Joined: 08/14/1998 Posts: 117513
Likes: 15798


Of course


the idea was initially this...

12K can be directed into 529 and Roth IRA. Do we max out the IRA limits (lets say 6K) and then put 6K into a 529 OR do I max out my state income deduction limits of 10K and put 10K into a 529 and then 2K into the Roth.

Then the discussion was if we would stop investing into a 529 or would we continue to contribute 10K a year to get the state deduction?

While the 529 is restrictive on what you can use it for, its allowed for K-12, college, trade school etc but it seems like it can just pass down from generation to generation without having to worry about distributions or taxes. Its a tough question to ask and get a response because "what is enough money to fund generations in education"???? Right now, I would think 300-400K would seem like enough money but maybe in 20 years its like 700 or 800K,,,,,,

(In response to this post by Scarsnhoos)

Posted: 06/15/2021 at 4:26PM



+1

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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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