 OT 509 education fund (by Phil [OR]) Apr 25, 2024 11:30 AM
 OT 509 education fund (by WMH [NC]) Apr 25, 2024 1:02 PM
OT 509 education fund (by BillW [NJ]) Apr 25, 2024 8:27 PM
OT 509 education fund (by 6x6 [TN]) Apr 25, 2024 8:41 PM
OT 509 education fund (by Mapleaf18 [NY]) Apr 25, 2024 9:11 PM
OT 509 education fund (by BillW [NJ]) Apr 25, 2024 9:25 PM
OT 509 education fund (by 6x6 [TN]) Apr 25, 2024 10:11 PM
OT 509 education fund (by Ray-N-Pa [PA]) Apr 26, 2024 8:21 AM
OT 509 education fund (by BillW [NJ]) Apr 26, 2024 11:05 AM
OT 509 education fund (by Ray-N-Pa [PA]) Apr 29, 2024 3:49 PM
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OT 509 education fund (by Phil [OR]) Posted on: Apr 25, 2024 11:30 AM
Message:
Laws just changed. If a non parent holds and invests in a 509 education fund-- it does not count when figuring in FASFA for grants and loans.
We are going to be opening new 509 accounts for our grandchildren rather than continuing to put $ into the ones the parents control.
Any leftover in 509 can be converted into Roth IRA --76.138.xxx.xxx |
OT 509 education fund (by WMH [NC]) Posted on: Apr 25, 2024 1:02 PM
Message:
I don't know why it ever did. Grandparent doesn't even have to tell a person it exists, and may or may not decide to let them use it, depending on the kid. And it was always transferrable to another person. So it should never have been considered at all. --173.28.xx.xxx |
OT 509 education fund (by BillW [NJ]) Posted on: Apr 25, 2024 8:27 PM
Message:
Oh yeah, just looked it up and: "Starting in 2024, you'll be able to convert tax- and penalty-free up to a lifetime limit $35,000 in a 529 to a Roth IRA owned by the 529 beneficiary for at least 15 years, subject to annual Roth IRA contribution limits. (Note: The annual contribution limit and income limits used would be the beneficiary's, not the parent's, and conversions apply only to Roth IRAs, not to traditional IRAs.)" --173.63.xxx.xx |
OT 509 education fund (by 6x6 [TN]) Posted on: Apr 25, 2024 8:41 PM
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Is it 509 or 529? --76.129.xxx.xx |
OT 509 education fund (by Mapleaf18 [NY]) Posted on: Apr 25, 2024 9:11 PM
Message:
I have a 529 for my 3 yr old granddaughter. --64.246.xxx.xx |
OT 509 education fund (by BillW [NJ]) Posted on: Apr 25, 2024 9:25 PM
Message:
OT 509 education fund (by 6x6 [TN]) Posted on: Apr 25, 2024 10:11 PM
Message:
Thank you, BillW. --76.129.xxx.xx |
OT 509 education fund (by Ray-N-Pa [PA]) Posted on: Apr 26, 2024 8:21 AM
Message:
Great info. I gave two gifs away last year to my deceased cousins kids. They were in the form of 529s. I selected a 529 as my cousin for being an awesome roll model for me, he really wasn't much of a student himself. (many of years his lack of attention resulted in summer school) His kids were 17 and the other 14 when he passed.
Can you imagine having a Roth started at that early age? --24.101.xxx.xxx |
OT 509 education fund (by BillW [NJ]) Posted on: Apr 26, 2024 11:05 AM
Message:
That's kind of you to do that for your cousins kids. It's quite a gift to reduce or eliminate student loan payback after graduation. And yes, the beauty of compound interest over time, especially when it's not being taxed. --173.63.xxx.xx |
OT 509 education fund (by Ray-N-Pa [PA]) Posted on: Apr 29, 2024 3:49 PM
Message:
My cousin wasn't exactly a model student but he was an excellent role model for me to follow.
Even as a teenager when he screwed up, he wasn't afraid of taking responsibility. With him being a few years older than me, I watched and learned. With his passing so early in life, that sorta hits home. --24.101.xxx.xxx |
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