It seems you may have over contributed so not sure the added 5k/year for the tax benefits is worth that contribution.Hello
I am 44 Yrs old.
Have 2 kids, 10 and 6.
I would like to fund my kids education completely.
Currently has two 529's accounts for each kid, one for the state we live in (tax deduction), Nevada-VG.
10 yr old has 628K-total
6 yr old has 483k-total.
I did these contributions, after I calculated cost of college using vanguard college savings calculator - to cover 8 years and expensive private college option.
I am planning to contribute 5k per year per kid going forward- just enough to get state tax credit.
Any other aspects that I need to be considering ?
Appreciate any insight and input
Thanks in advance.
Have you done the math to determine that tax benefit using an assumption you won't use the funds for kids' college?
That's an aspect you may wish to consider; over funding and what to do with those funds should that turn out to be the case.
We overfunded by a bit, and while one could transfer some funds to the beneficiary's Roth IRA, there are limits on that, including that the account be open 15 years or more, which is biting us right now.
Statistics: Posted by thedaybeforetoday — Mon Nov 25, 2024 3:51 am — Replies 60 — Views 4652
