529 Plans

You must obtain consent from your spouse. And if you are married they will contat your spouse about the thrift savings plan. If you end up getting a divorce and try to take some of the money , your spouse will also be contact for approval.

A 529 can only be used for education without taking a penalty. If one child isn't going to use the money for education, it can usually be transferred to a sibling or other child in the family. The money can be withdrawn for other uses, but would be a "non-qualified" withdrawal and subject to penalties, just like withdrawing from a 401k.

Yes, they do offer a 529 college saving plan. It is also good to know that this plan is very flexible and has many benefits.

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Using 529 plan funds for an out-of-state college does not result in losing the tax deduction. The tax benefits of a 529 plan, such as tax-free growth and tax-free withdrawals for qualified education expenses, apply regardless of the state in which the college is located. However, some states do have specific residency requirements or may offer state tax deductions or credits only for contributions made to their own state-sponsored 529 plans. It's important to check your state's regulations for any potential implications.

what values does a budget have for a family

There is none.

The taxes for 529 distributions are outlined in the IRS tax codes. Any distributions made for a qualifying state college does not count towards the taxpayers income.