NutterButter
Footballguy
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Who invests in 529 plans? (1 Viewer)
- Thread starter jurrassic
- Start date
Vincesanity
Footballguy
I put my clients in the Virginia plan.
belljr
Footballguy
i live in nj and I never heard of you having to go to certain schools. When I cashed my one out for my son and didn't even submit a receipt with my taxes.
NutterButter
Footballguy
I mean certain state plans give you a state tax deduction if you go to a state school. Nj's plans don't offer that.i live in nj and I never heard of you having to go to certain schools. When I cashed my one out for my son and didn't even submit a receipt with my taxes.
The state tax deductions are for contributions into the plan (not available in NJ), but it doesn't matter where they go to school.I mean certain state plans give you a state tax deduction if you go to a state school. Nj's plans don't offer that.i live in nj and I never heard of you having to go to certain schools. When I cashed my one out for my son and didn't even submit a receipt with my taxes.
NutterButter
Footballguy
I guess it wasn't the deduction that was school restricted but an example of what I'm talking about is the NJ plan:The state tax deductions are for contributions into the plan (not available in NJ), but it doesn't matter where they go to school.I mean certain state plans give you a state tax deduction if you go to a state school. Nj's plans don't offer that.i live in nj and I never heard of you having to go to certain schools. When I cashed my one out for my son and didn't even submit a receipt with my taxes.
So you only get the scholarship if you got to a NJ school.
belljr
Footballguy
What is that scholarship? Is that plan specific?I mean my son has a scholarship and he goes to school out of state. However I'm not in that plan. Sounds like that one just doesn't matchI guess it wasn't the deduction that was school restricted but an example of what I'm talking about is the NJ plan:The state tax deductions are for contributions into the plan (not available in NJ), but it doesn't matter where they go to school.I mean certain state plans give you a state tax deduction if you go to a state school. Nj's plans don't offer that.i live in nj and I never heard of you having to go to certain schools. When I cashed my one out for my son and didn't even submit a receipt with my taxes.
So you only get the scholarship if you got to a NJ school.
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NutterButter
Footballguy
Yeah, its for the NJ Frank TEmp planWhat is that scholarship? Is that plan specific?I mean my son has a scholarship and he goes to school out of state. However I'm not in that plan. Sounds like that one just doesn't matchI guess it wasn't the deduction that was school restricted but an example of what I'm talking about is the NJ plan:The state tax deductions are for contributions into the plan (not available in NJ), but it doesn't matter where they go to school.I mean certain state plans give you a state tax deduction if you go to a state school. Nj's plans don't offer that.i live in nj and I never heard of you having to go to certain schools. When I cashed my one out for my son and didn't even submit a receipt with my taxes.
So you only get the scholarship if you got to a NJ school.
Why?
I see the Utah and Nevada Vanguard plans touted a lot. I'm in the Virginia plan as a VA resident, but I'm moving so I'm undecided whether I will open up a new account somewhere else going forward.
Vincesanity
Footballguy
Virginia because it lets you pick individual funds, you don't have to use target date funds, pre paid or other various types.
Yeah, that's different- more of an added "bonus" if you do go to a state school. I don't think most states offer something like that, but many do offer the tax deduction for contributions.NutterButter said:I guess it wasn't the deduction that was school restricted but an example of what I'm talking about is the NJ plan:humpback said:The state tax deductions are for contributions into the plan (not available in NJ), but it doesn't matter where they go to school.NutterButter said:I mean certain state plans give you a state tax deduction if you go to a state school. Nj's plans don't offer that.belljr said:i live in nj and I never heard of you having to go to certain schools. When I cashed my one out for my son and didn't even submit a receipt with my taxes.NutterButter said:
So you only get the scholarship if you got to a NJ school.
From the link:
DID YOU KNOW?Residents are not limited to investing in their own state's plan. Another state may offer a plan that performs better and has lower fees. If there is no tax break offered for in-state investors ... shop around!
Also, the plan chosen does not affect which state the student enrolls in. An investor can live in NY, invest in a plan from NV and send a student to college in FL.
Judge Smails
Footballguy
I'm so thankful I did this. #2 graduates this month, #3 graduates next June. Zero debt.
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tommyGunZ
Footballguy
belljr
Footballguy
My son I only had a year saved up. But that was great.I don't think I'll have my daughter's full tuition covered but I'm hoping to have 2 years covered.
Lutherman2112
Footballguy
Glad we did it, too. #1 sophomore in college, #2 sophomore in HS.
There were a couple of years where saving the money was a lot of work, but so glad we did it.
Al Czervik
Not wearing pants
Judge, what's a general ballpark figure for how much it takes to get a kid through college these days?
NutterButter
Footballguy
So with a prepaid plan, if I wanted to send my kid to some private college like Stanford or Duke that costs 50k/yr (200k for all 4 years and let's assume its all coming out of pocket), I'd have to save for the entire 200k and the plan just assures me that it will cover the cost regardless of future education inflation?
James Daulton
Footballguy
NutterButter
Footballguy
So how much would i have to save up if I wanted to send my kids to a school that currently costs 200k for 4 years?
ETA: So I'm reading the Maryland plan. So is the most you can pay for $55,750 for the 5 year university contract? So I guess they'll give you a quarter of that for each year of 4 and then you'll need to cover the remainder of the 50k through other savings whether it be a 529 savings plan or something else.
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James Daulton
Footballguy
I don't think you can do pre-paid for private school. You'll have to use the 529 savings plan. And how much you'll have to save depends on how long you have to save and your estimated rate of return.
saintfool
Dead sexy
i use the illinois 529 plan. i get a state tax break by doing it with my home state's plan. however, it does not mean i have to put my 529 funds toward any of the public colleges here in state.
ETA - estimate from my financial planner was that i need to have about $80k total for 4 years in-state tuition here when my son starts college in 12 years.
ETA - estimate from my financial planner was that i need to have about $80k total for 4 years in-state tuition here when my son starts college in 12 years.
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James Daulton
Footballguy
I have a son who's a sophomore in a private school in Virginia. His tuition and board (after school grants) is around $23k. The sticker for the school is like $45k but these private schools usually give a ton of money in grants if your kid is a decent student.Al Czervik said:
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BroncoFreak_2K3
sucker for Orange
In the Michigan 529 Plan and really like it. State tax credit I always nice come March-April.
