How much is in your 529 and how old is your DC?

[Anonymous]

96K for our 6 yr old, 80K for our 4 yr old.. we had a few good years and I wanted to make sure we put money away while we had it.. (we are not dc wealthy- public schools..)..

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:6 yo 120K
3 yo 60K

Just kidding ... This is stressing me out! We have 20K in one. Why have 2? Any extra in 529 for #1 can be used for #2,

Why have 2? Because all VEST account owners who have Virginia taxable income and file Virginia income tax returns can deduct from their Virginia taxable income up to $4,000 per year per account. Say you have two kids--you and your husband can each open an account for each of your kids, for a total of 4 accounts. That way, you jointly can deduct $16,000 a year from your state taxes. If you put that same $16,000 in a single account, you could only deduct the first $4000. Obviously if you are putting in less than $4k a year total you only need one account, but there is a valid reason for having more than one account.

Just realize that the actual tax savings on a dollar basis is about $230 for each $4,000 contributed.

Well, multiply that by 36 (18 years/2 accounts) and that is real money, don't you think? That's almost ten grand.

[Anonymous]

Anonymous wrote:

Anonymous wrote:19:21, why are you doing College America rather than VEST?

+1 VEST is better

WHY? I am deciding between the two plans right now, and am interested to hear about pros/cons.
Its not clear to me.

[Anonymous]

2yo - 1K

[Anonymous]

19 - was $180k but now is about 140k because we used $40k last year for freshman year
16 - $160k

We front loaded the savings - haven't added that much in recent years.

[Anonymous]

$0.

I have rental properties I will unload for college. I believe the way to wealth and financial security is for othwr people to pay odf my real eatate investments.

[Anonymous]

2yo--$18k

[Anonymous]

13 month about, $900.

We are doing the best we can.

[Anonymous]

Single parent here with a 15-year-old and about $30,000. Not nearly enough, obviously, but I'm doing the best I can. I'm hoping for some aid, and the rest will have to be loans sad to say.

[Anonymous]

Anonymous wrote:Silly thread. Wonder where your kids will go to college? Prepaid plans don't help much unless they go in state .

Not true. Major tax benefits with 529s for most families regardless of where your child goes to college. You need to read up.

[Anonymous]

7 year old - 35K, 5 year old - 25K

[Anonymous]

I can't imagine what college will cost in 12 - 15 years. DD's college expenses for 2012-2013 total $66,000.

[Anonymous]

Anonymous wrote:$0.

I have rental properties I will unload for college. I believe the way to wealth and financial security is for othwr people to pay odf my real eatate investments.

So do I. I hope to one day be in your position.

[Anonymous]

Anonymous wrote:

Anonymous wrote:$0.

I have rental properties I will unload for college. I believe the way to wealth and financial security is for othwr people to pay odf my real eatate investments.

So do I. I hope to one day be in your position.

We have just one rental property that has 200k of equity. Still saving for college though and holding onto the hope that we could use it towards a vacation property. We might be in dreamland .

[Anonymous]

So, if we had two accounts for DD, and each spouse puts a min of 4k annually, what's the taxe benefit? Thanks