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Reply to "DC 529 - separate account for each child?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]to maximize benefit you can have each parent open and contribute to an account for each child -- 2 x 3 = 6 accounts only if you're trying to maximize tax benefits - at least that's how it is in VA, not sure about DC[/quote] As I read the rule, in DC, if each parent opens one or more account, each can deduct up to $4,000 total. So there's a tax reason to have at least one account in each parent's name, but not in each child's name.[/quote] yes, this is correct, up to $4000 per parent per kid. So you could get a deduction of $4000 x 2 x 3 = $24,000, plus save $ for college for each kid. Definitely the way to go. We got nice returns. [/quote]
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