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Reply to "Afford $1.8M on 300K?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]The 529 tax deduction is 4K per account per year. So if you and your partner each have an account, that's 4K x 2 for 1 child.[/quote] Isn’t it 4k per beneficiary? [/quote] It's 4K per account per beneficiary. We have 8 accounts per child and fund $4K per account, for a total of $32K (the total gift tax limit of $16K per beneficiary, per giftor). So we're saving $64K in 524s (but only for the next couple years because we don't want to overfund). Plus, I can supermax my 401K at work (i.e., do an after-tax 401K election, which then is immediately converted to Roth to grow tax free). I can do that, but my husband can't, so you should check your employers' plans to see if that's something you're eligible to do.[/quote]
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