I'm interested to learn how to use the so-called "529" plan to save taxes to pay for my own education or my kids' education? I've absolutely no idea what is this about, until I read your article that mentioned this possibility. Any info provided would be greatly appreciated. Thanks.
2007-05-04 10:21:01 · 5 answers · asked by dynaxty 1 in Business & Finance ➔ Taxes ➔ United States
The best resource on 529 plans is SavingsforCollege.com http://www.savingforcollege.com/
The first step is to find your state's 529 plan http://www.savingforcollege.com/529_plan_details/ Most states will give you a tax deduction for contributing to your state's 529 plan.
However, some states are better than managing their 529 plans than others. Here's a state by state comparison of 529 plans http://www.collegeanswer.com/paying/content/529_plan_statebystate.jsp
2007-05-04 10:34:07 · answer #1 · answered by imisidro 7 · 0⤊ 2⤋
Most any bank can start one for you, or you can go to most any stock-broker agency and have them start one for you. Shop around for the best deals. Use a broker that is selling his services, and not a specific investment 529 "product". Shop for the best --lowest -- fees.
If you want to keep it real simple (worry-free), then use a bank's 529 plan. It will probably have much lower yields than a self-directed investment-type 529, but you won't have to worry about keeping up with the market, so much.
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2007-05-04 10:28:23 · answer #2 · answered by tlbs101 7 · 0⤊ 2⤋
I would try Fidelity. Their website is usually user friendly
http://personal.fidelity.com/planning/college/content/fidelity_managed_plans.shtml.cvsr
2007-05-04 10:24:54 · answer #3 · answered by Alibaster:) 2 · 0⤊ 0⤋
These links should help you get started.
2007-05-04 10:27:19 · answer #4 · answered by ♥♥The Queen Has Spoken♥♥ 7 · 0⤊ 0⤋
at irs.gov
2007-05-04 10:25:16 · answer #5 · answered by Jo Blo 6 · 1⤊ 0⤋