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College and University Discussion
Reply to "Mechanics of paying from 529 account to college"
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[quote=Anonymous][quote=Anonymous]We are in Virginia and money is mostly in taxable account for paying to college. I have about $20k in 529. I understand that we can first put $4000 per account to get a deduction for each year. Can we take out the money say within a week? Thinking I would put $4k in like 10 accounts ($38k for both parents total to keep it under gift tax limit). Also if fees are $40k, can you pay from multiple accounts 529 and taxable to the university? Like $4110 from account 1, $4291 from account 2, etc until $35k is reached? [/quote] I am fairly certain you get the state tax deduction on the total amount you put into any 529s each year…not that you can deduct $40k by spreading it over 10 accounts. 529 contributions also don’t count against gifts since most are still controlled by the parent with the kid the beneficiary. [/quote]
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