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Money and Finances
Reply to "DC Residents - where do you have your 529?"
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[quote=Anonymous]I'm pretty sure there is another thread debating this in some detail. I think the summary was as follows: 1. If you're putting in under $4,000 a year, you should definitely use DC, because the tax deduction is definitely larger than the fees. 2. If you are putting in considerably more than that you should not use DC (at least for amounts above $4,000). Instead, you should use the state with the lowest aggregate fees, because you'll outperfom DC over time. 3. There are hybrid options that are better than either #1 or #2. For example, you can apparently contribute $20,000 to DC then move it to another state fter a few years but claim a $4,000 deduction each year for 5 years, the do the whole thing again. That gets you all of the DC tax deduction and most of the reduced fees.[/quote]
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