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We continue our Masterclass on 529 plans today. If you haven’t heard part 1, Go back and listen to episode 138 first. http://radicalpersonalfinance.com/138-masterclass-on-529-plans-a-k-a-qualified-tuition-programs-part-1/ You’ll need it for context on today’s show.
Today we dig into more of the how-to regarding savings plans. I also spend a good bit of time explaining the state income tax benefits for you. Depending on your situation, these may or may not be important for you.
Topics:
- Which states give a tax deduction for 529 contributions and how much?
- Which states offer tax parity?
- How to take advantage of the 529 State Income Tax Loophole.
- How to figure out if you should take advantage of a plan with lower fees or a plan with a better deduction.
- Who should own the plan–parents, grandparents, or child?
- How do 529 plan distributions get reported?
- What are the best 529 plans to choose for each state?
- How can you get free Money for college?
Enjoy the show!
Joshua
Joshua J. Sheats, MSFS, is the world's leading authority on integrating lifestyle goals and money goals without conflict. He teaches normal people how to seamlessly connect the science of financial planning with the joy of goal achievement.
Joshua is dedicated to helping normal people achieve financial freedom by merging creative (and crazy) ideas from the world of personal finance with the academic integrity of formal financial planning. He simplifies complex money topics and makes boring financial mumbo-jumbo less boring.
