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Reply to "Where to put college money after you max out 529 state tax deduction? "
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[quote=Anonymous]You should always put any 529 money initially into your own state's 529, no matter how bad it is. It's a benefit on your state income taxes. Then, transfer it to another state a year later. As for excess money when you've maxed your 529: 1. "Gift" the money to grandparents (since it would be under the limit for gift tax), then have them open 529s for your kids, which they can do as grandparents. They get a tax deduction too then. 2. Overfund your 529 above the deductible limit. You can carry over the unused deduction to future years, and then the money starts growing tax-free sooner.[/quote]
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