How soon establish 529 for baby?

[Anonymous]

I was hoping to start contributing the month the baby is born. Is this possible? I'm guessing you may need a social security number. How soon will I be able to start contributing?

[Anonymous]

you do need a SS number, so whenever you get that you can contribute

[Anonymous]

I had a baby in June and started contributing in July, a couple days less than a month after his birthdate. I wasn't in a huge rush, I just did it once the SS # came in. No idea whether I could have started a couple weeks earlier, but really over an 18 year time horizon, I'm not sure a couple weeks really matters.

[Anonymous]

Anonymous wrote:you do need a SS number, so whenever you get that you can contribute

Anyone know how long this takes?

[Anonymous]

Anonymous wrote:

Anonymous wrote:you do need a SS number, so whenever you get that you can contribute

Anyone know how long this takes?

About a month.

You can start a 529 with yourself as a beneficiary and then change the beneficiary to your child when you have their ssn.

[Anonymous]

Anonymous wrote:

Anonymous wrote:you do need a SS number, so whenever you get that you can contribute

Anyone know how long this takes?

A couple weeks.

[Anonymous]

If you wait till the baby is born you will be TOO LATE.

[Anonymous]

Anonymous wrote:If you wait till the baby is born you will be TOO LATE.

LOL

[Anonymous]

Slow and steady funding is always better OP.

[Anonymous]

Our baby was born in October, and we opened his account in December.

[Anonymous]

Anonymous wrote:Slow and steady funding is always better OP.

Of course. I plan on contributing a monthly amount and want to start the month she is born.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Slow and steady funding is always better OP.

Of course. I plan on contributing a monthly amount and want to start the month she is born.

You could always just double your contribution for month 2 if you can't get the account set up for month 1.

[Anonymous]

We opened an account the December before my kids were born with my husband as the beneficiary and then switched to my child as the beneficiary after they were born a few months later. We did this for the tax write off.

[Anonymous]

This was usually my last task before I went back to work - set up baby's credit union account for birthday checks/cash, and set up 529. You can still contribute the maximum allowed for the calendar year if you can swing it. Or at least the maximum allowed for the tax deduction in your state/federal jurisdiction.

[Anonymous]

Anonymous wrote:We opened an account the December before my kids were born with my husband as the beneficiary and then switched to my child as the beneficiary after they were born a few months later. We did this for the tax write off.

+1 you can open 529 with yourself or spouse as the beneficiary and then just switch once you have the kids SSN.