539 tips advice

[Anonymous]

Hi All,

We are probably too late for this (DS is a Junior) but does anybody think it's a good idea to open a 529 so late? Aways thought that because our high income is was not possible to open a 529.
I can contribute any amount but I wonder us is a good idea.
TIA

[Anonymous]

I'd put min amount in to get tax benefit given your DS is a junior, i don't see any other benefits.

[Anonymous]

529 plans have a special feature — known as accelerated gifting — that allows you to contribute up to a maximum of $70,000 (individual) or $140,000 (married filing jointly) to a single beneficiary in the first year, but then elect to treat the gift as if it were made evenly over a five-year period. Wealthy grandparents looking to reduce their estate can help fund a college education through an early and substantial gift into a 529 account

[Anonymous]

if you live in Arizona, Kansas, Maine, Missouri, Montana or Pennsylvania. Those states offer something called "tax parity" and will let you take a state income tax deduction for your 529 plan no matter which state you got it from.