Egads, I 'm going nuts. what is best 529 college savings plan?

Question

I'm suffering from too much information. My husband and I want to start a 529 plan for our 10-year-old. We reside in Georgia but our income is too high for the tax break. So now we can choose any state. And we're going crazy looking at the choices. We've looked at Utah and at Iowa. We'd be putting in about $60,000 on day 1. Ideas to help us simplify our decision making? We're making this way too hard, I know! :)

Answer 1

Look at the rules if your child doesn't go to a school in that state.

By the way, don't forget to the form 709 when you file your taxes. The $60,000 is technically a gift. You are allowed to have it count as 5 years of $12,000 gifts by indicating this on the form (and then you don't have to file the form the other years).

Answer 2

You should stay in state in my opinion. You never know when Georgia may change their rules. For definitive info, check out this site.........

http://www.kiplinger.com/features/archives/2007/08/best529s.html

Answer 3

you are making this harder that it has to be == but for good sake do not choose the state based on taxes -- you also have to think about the college you want the son to attend!!!!