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Reply to "Does anyone use 529 for tuition payments?"
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[quote=Anonymous][quote=Anonymous]We planned to do that and then talked to our accountant. This only makes sense if you’ve overfunded your 529s. If you give to a 529, that counts against annual gift tax. So if you put 10k in your 529 for child X, you can only give them 7k (in 2023). We have funded the 529s but instead of putting more $ in them for k-12, are putting the money in a brokerage account. You need to run the numbers on potential interest or benefit from gifting them the full 17k per person vs the tax benefit of funneling 10k of that through the 529. All of this assumes you don’t need to use the 529 to pay for k-12. [/quote] I hear you...but not sure how many people are gifting their kids anything at all right now, and certainly nothing close to $17k per year.[/quote]
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