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529 College Savings may become Taxable

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529 College Savings may become Taxable Empty 529 College Savings may become Taxable

Post by Marathadi-Saamiyaar Wed Jan 21, 2015 1:48 pm

...to the kid at the time of withdrawal...

There goes one avenue to save for college.

Marathadi-Saamiyaar

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Post by truthbetold Wed Jan 21, 2015 1:56 pm

Does any one use that avenue?

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Post by Marathadi-Saamiyaar Wed Jan 21, 2015 2:23 pm

truthbetold wrote:Does any one use that avenue?

Actually it is a good one. But, I thought the 529 is only tax-free at the state level. and so it is after tax money federally. However, one does not pay taxes on the "income" from 529 at the time of withdrawal.

It is a good one... better than directly putting any money in the kids name. All accounts in kids name should be closed before the kids turn 18 or complete junior year.

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