LIFamilies.com - Long Island, NY


RSS
Articles Business Directory Blog Real Estate Community Forum Shop My Family Contests

Log In Chat Index Search Rules Lingo Create Account

Quick navigation:   

Spinoff to a question on Parenting--money related

Posted By Message

Melbernai
I am a lucky Momma!

Member since 7/05

15652 total posts

Name:
Melissa

Spinoff to a question on Parenting--money related

I am just wondering what a 529 is. I am money-clueless and a few people talked about putting thier child's money from christening, birthday, gifts etc. into a 529.

How do you go about doing this?
Is there a minimum amount of money you have to have in order to start something like this?

TIA! I thought it would get more answers over here since it isn't really a parenting question.

Posted 8/13/06 8:50 AM
 
Long Island Weddings
Long Island's Largest Bridal Resource

Michelina627
LIF Adult

Member since 2/06

1071 total posts

Name:
Michelle

Re: Spinoff to a question on Parenting--money related

A 529 is a college savings fund. I believe there are tax benefits for using this type of fund. Ie., the interest grows tax deferred, and earnings on withdrawals are exempt from fedearl and if applicable NYS income tax when used for qualified higher education expenses. You can also deduct a certain amount on your state income tax return each year.

You can find more information here: NY 529

Posted 8/13/06 9:13 AM
 
 

Potentially Related Topics:

Topic Posted By Started Replies Forum
Medicare related question - can anyone help? MrsJ 2/13/06 2 Families Helping Families ™
Sorry-non baby related question.... betty 2/8/06 1 Parenting
Family Related - but question for the teachers (long -sorry!) nrthshgrl 12/29/05 18 Families Helping Families ™
the dumbest question ever...af related MrsR 11/29/05 5 Parenting
Question - Sort of Wedding Related peanuts 11/10/05 4 Families Helping Families ™
Question Friend/$$$$ Related Gertyrae 11/6/05 20 Families Helping Families ™
 
Quick navigation:   
Currently 158832 users on the LIFamilies.com Chat
New Businesses
1 More Rep
Carleton Hall of East Islip
J&A Building Services
LaraMae Health Coaching
Sonic Wellness
Julbaby Photography LLC
Ideal Uniforms
Teresa Geraghty Photography
Camelot Dream Homes
Long Island Wedding Boutique
MB Febus- Rodan & Fields
Camp Harbor
Market America-Shop.com
ACM Basement Waterproofing
Travel Tom

      Follow LIWeddings on Facebook

      Follow LIFamilies on Twitter
Long Island Bridal Shows