Asked by Dennis
Answered by Kim Miller, CFP®PRO+ in Redmond, WA
Interesting question, however, the use of 529 plan assets - tax-free - are narrowly defined and financing costs are not one of them. For example, you cannot use 529 p...
Asked by Mary
Answered by Kim Miller, CFP®PRO+ in Redmond, WA
Hi - The annual gift tax exclusion allows you to give $14,000 per year to any one person without filing a gift tax return. A married couple who "join" in the gift ca...
Asked by Martha Jensen
Answered by Winnie Sun, Financial AdviserPRO+ in Irvine, CA
Hi Martha, Thanks for the question. In order to utilize 529 funds for higher education purposes, the IRS does want to make sure that you are attending school at least...
Asked by Edna M
Answered by Kim Miller, CFP®PRO+ in Redmond, WA
Hi - 1) He can use the funds for graduate school or 2) you can transfer the account to another family member - including yourself - for college. Lastly, you can ca...
Asked by John D
Answered by Michael Keeler, CFP®, CLTCPRO+ in Las Vegas, NV
Another feature of the 529 plan is you can change the beneficiary. I have a 529 plan for each of my sons. If one decides not to go to college, I can make my other son ...
Asked by Neil
Answered by Michael Hoffman, RFC, CLU, ChFCPRO+ in Grass Valley, CA
Neil, Liquidity is the key and preservation of capital. If you have some funds that you will be using for your 3rd, 4th and 5th years in school you may want to use a...
Asked by Adam
Answered by Pamela J. Horack, , CFP®PRO+ in Lake Wylie, SC
Hi Adam! My kids are the same age, so I had to do some due diligence on plans as well. While everyone's financial situation is different, I recommend checking out www....
Asked by Erin
Answered by Charlie Donaldson, MBA in Newark, DE
Erin, Great question. The easiest way to think about this is that a 529 plan will cover expenses billed by the college. If the bill comes from anything other than...
Asked by Zanna
Answered by Gregg Himfar, Financial Adviser in Carlsbad, CA
How old are your children? Are you utilizing 529 plans? You may still have time to fund a 529 plan if they're a few years from turning age 18, whereby funding the pl...
Asked by trish
Answered by David Meyers, Financial Adviser in Palo Alto, CA
There are a lot of variables at play here, so please bear with me since there is no simple answer. First -- how much do you expect college to cost? Are you looking...
Ask a pro a question
Have your question answered by a professional
Characters remaining: 140
Asking as: $ss.eas.userParams.displayName
Log in or sign up with email
By submitting you agree to our Terms of Service

College Funds (529 Plan)

College Funds (529 Plan)
Free MoneyTips Membership!

Get FREE, full access to MoneyTips.com