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Reply to "How much is in your 529 and how old is your DC?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]6 yo 120K 3 yo 60K Just kidding ... This is stressing me out! We have 20K in one. [b]Why have 2?[/b] Any extra in 529 for #1 can be used for #2,[/quote] Why have 2? Because all VEST account owners who have Virginia taxable income and file Virginia income tax returns can deduct from their Virginia taxable income up to $4,000 per year per account. Say you have two kids--you and your husband can each open an account for each of your kids, for a total of 4 accounts. That way, you jointly can deduct $16,000 a year from your state taxes. If you put that same $16,000 in a single account, you could only deduct the first $4000. Obviously if you are putting in less than $4k a year total you only need one account, but there is a valid reason for having more than one account. [/quote] Just realize that the actual tax savings on a dollar basis is about $230 for each $4,000 contributed.[/quote]
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