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jmo
LIF Infant
Member since 3/08 137 total posts
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do you recommend opening a 529 for child?
I heard that it can hurt your child's financial assistance when they go to college...not sure if this is true...pros/cons to 529's? is there a tax benefit also?
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Posted 10/8/10 9:08 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
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Re: do you recommend opening a 529 for child?
I always was curious about it, but then I also feared him not qualifying for loans down the road, either.
Who knows how we will be financially then, you know?
If anyone has any answers, I'd love to know as well!!!
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| Posted 10/8/10 9:13 PM |
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SecretTTCer
LIF Adult
Member since 6/08 2284 total posts
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Re: do you recommend opening a 529 for child?
You can write 10,000 off your NYS taxes as long as the 529 is located in NY.
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| Posted 10/8/10 9:16 PM |
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Salason
♥
Member since 6/05 9878 total posts
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Re: do you recommend opening a 529 for child?
Posted by SecretTTCer
You can write 10,000 off your NYS taxes as long as the 529 is located in NY.
This is exactly why I have one for each child.
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| Posted 10/8/10 10:06 PM |
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DmarieK
My loves!!
Member since 1/06 9203 total posts
Name:
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Re: do you recommend opening a 529 for child?
Posted by SecretTTCer
You can write 10,000 off your NYS taxes as long as the 529 is located in NY.
Every year?
Do you need to have $10,000 in the account?
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| Posted 10/8/10 10:08 PM |
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Salason
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Member since 6/05 9878 total posts
Name:
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Re: do you recommend opening a 529 for child?
Posted by DmarieK
Posted by SecretTTCer
You can write 10,000 off your NYS taxes as long as the 529 is located in NY.
Every year?
Do you need to have $10,000 in the account?
It's per contribution so you can write off whatever you contributed per year up to $10k.
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| Posted 10/8/10 10:15 PM |
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DmarieK
My loves!!
Member since 1/06 9203 total posts
Name:
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Re: do you recommend opening a 529 for child?
Posted by Salason
Posted by DmarieK
Posted by SecretTTCer
You can write 10,000 off your NYS taxes as long as the 529 is located in NY.
Every year?
Do you need to have $10,000 in the account?
It's per contribution so you can write off whatever you contributed per year up to $10k.
Thanks...I didn't know that!!
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| Posted 10/8/10 10:16 PM |
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