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Reply to "529 contribution planning question"
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[quote=Anonymous]Are you referring to prepaid, where it only lets you use it at certain colleges.. or the general 529 that can be used at any college? Anyway, generally if you can pre-fund, then do so, because it grows tax-free, so you have a larger chunk to grow over the next 6-10 years than if you put in a bit each year. Also, put it in funds based tied to college dates, like "Fund 2020" or whatever. Finally, the current wisdom is Indiana has the best 529 in terms of lowest fees and most flexibility. You can put into your own state 529 , then transfer out of it right after taht and still get your state tax deduction. Another trick is that grandparents can contribute to a 529 and take their own tax deduction, so if part of yoru contribution is over the limit, just "gift" that money to them (I forget the tax-free gift limit to family.. $10k or $15k), then they contribute to the 529 and get a nice tax deduction out of it.[/quote]
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