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If you are expecting a child or planning to start a family in the future, you can easily setup a 529 college savings plan and start putting money aside now. Here's how: 1. Select the best 529 for you right now, SavingForCollege.com has a good set of tools for choosing a plan, and you can also talk to your financial advisor. 2. Open the 529 plan and name you or your spouse as the beneficiary. (Note: Some 529 plans restrict beneficiaries to persons under age 21, in which case you might choose a sibling or cousin of your unborn child, note that the beneficiary must be a blood relative in order to transfer it to your child.) 3. After your little one arrives, you can transfer the assets tax-free. Your 529 plan can provide you with the necessary form to make the change. Getting started as early as possible can make a significant difference in the amount of debt you need to cover college costs. If you can save $50 per month, an extra 5 years to save translates into more than $10,000 in additional savings, based on a 7% annual return. One final note, some plans have a time limit on spending the account proceeds, such as within 10 years of when the original beneficiary would be expected to enter college. Be sure to do your homework or consult a financial advisor to figure out what's going to work best for your family.
What else can I help you with?
Can both parents contribute to a 529 plan?
Yes, both parents can contribute to a 529 plan for their child's education.
Can foreign grandparents contribute to a 529 plan?
Yes, foreign grandparents can contribute to a 529 plan as long as the plan allows for third-party contributions.
Is it possible to both contribute to and withdraw funds from a 529 plan in the same year?
Yes, it is possible to both contribute to and withdraw funds from a 529 plan in the same year, but there are rules and limitations to consider.
Who has born in 529?
shakira
When was Durvinita born?
Durvinita was born in 529.
Can you convert an IRA to a 529?
No, you cannot directly convert an IRA to a 529 plan. However, you can withdraw funds from your IRA and then contribute them to a 529 plan, keeping in mind that traditional IRA withdrawals may be subject to taxes and penalties if taken before age 59½. It's important to consult a financial advisor to understand the tax implications and ensure compliance with IRS regulations.
What Monastery was founded by Saint Benedict in 529 BC?
None. 529BC was about 1000 years before Saint Benedict was born.
What exactly are 529 college plans?
A 529 college plan is a savings plan designed to help parents save money for their children's education. You can find out more information at http://www.savingforcollege.com/intro_to_529s/what-is-a-529-plan.php
Can I have multiple 529 plans?
Yes, you can have multiple 529 plans for different beneficiaries, such as children or grandchildren. Each plan can have its own contributions and investment options.
When was Duke of Ye born?
Duke of Ye was born in -529.
How can I transfer my 401k funds to a 529 plan?
To transfer your 401k funds to a 529 plan, you will need to first roll over the 401k funds into an IRA, and then withdraw the funds from the IRA to contribute to the 529 plan. Be aware of any tax implications and penalties that may apply during this process.
How does a 529 savings account help my family?
A 529 Plan saves money for college tuition and is there is tax advantages for enrolling in this plan. It encourages family to save for their children's college fund.
