I don't think so unless the law has changed.

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Jan 9, 2019
12:52:53pm

Skipshot All-American

I don't think so unless the law has changed.

I put $12K initial deposit in each of my 4 kids' accounts when I opened them. This was in 2007.

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Skipshot

Previous username: CougAntWave
Bio page: Skipshot
Joined: Jan 5, 2011
Last login: Mar 4, 2024
Total posts: 2,633 (3 FO)

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Messages

Author

Time

<< Deleted >>

Buffalo

1/9/19 12:38pm

If you do a 529 you have to use it for school.

molodyets

1/9/19 12:41pm

I don't think so. I think you can take it, but you will then have to

BYU71

1/9/19 12:42pm

Only if you want the tax-free growth. Otherwise, you can use it for whatever.

Skipshot

1/9/19 12:43pm

<< Deleted >>

Buffalo

1/9/19 12:44pm

Only $2k a year max contributions, no?

TheLoneCougar

1/9/19 12:51pm

I don't think so unless the law has changed.

Skipshot

1/9/19 12:52pm

Grandparents can pay in as well...

Fdnman

1/9/19 12:54pm

think you are right.May be thinking of educational IRA, I think it's higher now

BYU71

1/9/19 12:55pm

<< Deleted >>

Buffalo

1/9/19 12:54pm

Beware of gift tax rules as well...

Fdnman

1/9/19 12:55pm

<< Deleted >>

Buffalo

1/9/19 12:57pm

www.utah529.com

Phred84044

1/9/19 12:43pm

im a bond man.

riboflavin

1/9/19 12:43pm

<< Deleted >>

Buffalo

1/9/19 12:44pm

Now, seriously, what length?

BYU71

1/9/19 12:50pm

Good luck with that. Bonds are a low return high risk investment right now.

tawillin

1/9/19 12:52pm

I’m hoping that YouTube will be sufficient by the time they are old enough

1/9/19 12:48pm

<< Deleted >>

Buffalo

1/9/19 12:59pm

That would be even better, then they wouldn’t waste time getting educated

1/9/19 1:04pm

529's are pretty hassle-free

Skipshot

1/9/19 12:50pm

Make sure the funds are usable anywhere. Mine used to be in a New Hampshire

Fdnman

1/9/19 12:53pm

Is there an advantage of having multiple accounts? I was just going to do 1 for

Pretorian

1/9/19 2:07pm

I had two originally and invested the funds differently based on when they would

Fdnman

1/10/19 5:39am

Ok, so there are benefits to having an account for each kid

Pretorian

1/10/19 7:07am

I did 529's. Big mistake. If I had to do it over again, I wouldn't do a 529

Acorn

1/9/19 1:42pm

<< Deleted >>

Buffalo

1/9/19 1:49pm

Interested to hear as well.

TheLoneCougar

1/9/19 2:06pm

OK - not trying to start an argument here, but hoping people

Acorn

1/9/19 8:12pm

<< Deleted >>

supertux

1/10/19 8:45am

Sorry, what's a DIK?

Pretorian

1/9/19 2:11pm

<< Deleted >>

Buffalo

1/9/19 2:13pm

ak ta! thanks 🙂

Pretorian

1/9/19 2:28pm

Wut?

Phred84044

1/9/19 2:28pm

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