Комментарии:
Not the best answer by Dave. He can’t just assume that she isn’t going to overfund it just because not many people do. What happened to gazelle intensity?
Be purposeful with your money. 529s that are used for something other than qualified education expenses will charge both federal income taxes and a 10% penalty on the earnings.
Why if the child doesn't use all the money for education they can't use rest? What happens to the rest that was saved?
ОтветитьDon't believe the hype. Learning quest is the wrong way to go. You're better off with a standard savings plan.
ОтветитьI'm wondering...if you contributed more to the oldest child and less to the youngest then you would be able to fully fund that child older child's education first (regardless of university or trade or vocational school) then once you see what is remaining in the 529 account you could change the beneficiary on that account to "roll" whatever is the remaining to the next oldest child...and so on. Just curious if something like this would work.
ОтветитьHaving excess money for kids college is better than getting into debt for college.
Ответитьthis should be edited, unused 529 funds can be rolled into IRAs...
ОтветитьNo idea why Dave didn't mention it, but if you do in fact have leftover money in a 529 after the beneficiary graduates college, you can do the following with the leftover funds without penalty:
- Use it towards post-graduate education if the beneficiary decides to pursue a Masters, PhD, etc.
- Change the beneficiary so that the new beneficiary can ise the funds (you can only do this once per year, but multiple accounts can have the same beneficiary)
- Transfer the funds from a 529 to a Roth IRA
There's basically no going wrong by putting "too much" into a 529.
Where is the best place to invest in for a 529? There are so many options. A local bank? Fidelity?
ОтветитьGood question! 🎓💰🗞
ОтветитьSome big dummies calling into the show
ОтветитьI am on disability and cannot grow a 529 (no "earned income"). What should I do instead?
ОтветитьMy question is... is there a penalty to pulling the money out after schooling is done, to use towards something else?
ОтветитьGreat question and Dave’s response was terrible.
Ответить529 can be used for other things besides college.
ОтветитьGot 529 plan and it’s enough for my college, master n post master
ОтветитьThe cover fell ESA is a better option.
ОтветитьI love the fact and I thank God for the day I found this channel/Podcast
ОтветитьThe lady has a good question, and Dave won't answer it. There's lots of other places to put your money beside 529 plan.
ОтветитьThats right students are consumers
ОтветитьDidn’t get too much of answer about 529. Besides they sound stressed out and talking about the crab. Not helpful.
ОтветитьHe didn't answer her question! She asked if I have more in 529 than paying for education, can I use the rest for a property down payment?
The answer is no and yes! You have to pay the tax of that remaining money plus 10% of penalty in order to use it for anything rather than education.
In twenty years college will be free unless you have money available in your name a.k.a. a 529 from your parents. No 529 for my kids. Will sell assets as necessary to cover short fall if they decide to go.
ОтветитьThere's penalties if the remainder isn't used for educational purposes Dave, come on now you should know this
ОтветитьWhat happens if you have way to much in your 529 and you don’t need it all? Isn’t it your money regardless?
ОтветитьWhat if kid decides to join the military
ОтветитьWhere do you recommend starting a 529? Like a bank or somewhere else?
ОтветитьDave doesn't really answer the question here, does he. She asked whether having more money than the beneficiary needs in the 529 would be a problem that she should try to avoid, and his answer is basically "Well most people don't have that problem so don't worry about it."
ОтветитьThere are some serious and real vendor on telegram and I chose Bigblunty on telgrm as the best carder
ОтветитьWhat happens if you get a 529 then your student gets a full ride scholarship?
ОтветитьWhat I would do is take out a high cash value life insurance on my child. That way down the road, we can borrow whatever amount is needed for the amount that is due. High cash value LI grows with dividends, and as a young child, cost of insurance is low.
ОтветитьGood question
ОтветитьHey Dave if you so rich why don’t you get some hair man
ОтветитьI cannot find an answer to this question. Is there an annual withdrawal limit for 529 plan if the withdrawn funds are being used to pay for a 4-year state or private college tuition? I see there is $10K per year limit for thinks like private high school but I cannot find any thing about annual limit for college tuition. I hope someone can help clarify.
ОтветитьAnd what if that kid decides not to go to college?? It sits wasted. Why not a Roth in conjunction?
ОтветитьWe just have one 529 account that our daughter is the beneficiary. If she decides not to go to school or doesn’t use up the money, we can change the beneficiaries to go to our grandkids or nieces/nephews.
Ответитьtake a hard look at what a pandemic is and then maybe you might understand why we weren’t back by the time you thought we should be. don’t understand this naive childish mentality.
ОтветитьI don't think you have to use A529 for education expenses. The one that was available to me I took out to pay for living expenses
ОтветитьIn 20 years you might get your degree from Amazon.
ОтветитьWould this be a valid option if my daughter decides to study overseas? she wants to go to college in Europe. Would it still be tax free?
ОтветитьDave failed this one. The mom's concern is valid - what if one kid decides to be an engineer, while another one has a calling to be a sales person or a real estate agent where the education will take a few months and a few hundred bucks? I'd say in this case it would be fair to just withdraw the money and pay the penalty and use the money for something else.
ОтветитьThank you for this video. It was very informational. Suppose I live in California where there are no tax benefits for contributing to a 529, and I have multiple kids close in age, would it make sense to contribute to a single account or have separate accounts? Furthermore, would I be able to transfer a partial amount to another account if my second child decides to go to college, while my first child is already attending college?
ОтветитьWhat happens is college is free and you have 100k in a 529
ОтветитьDoes 529 account compound ?
ОтветитьWhy is Dave always so condescending?! This lady had a legitimate question. Just answer the question and stop being rude!
ОтветитьRoth ira/401k is so much more versatile.
ОтветитьOne of the times i disagree with Dave. People need to stop thinking college is the way to go. Im one of those that makes a good living working as a web developer with no degree. I make more than probably half of those that got to a 4 year worthless university that makes you pay loans for the next 20 freaking years. Find what you want to do. Bottom line.
ОтветитьCollege is going to be different in 10 years. For example, if you want to be a software engineer you don't need college. You can take a few courses online to learn how to write code. If you want to be a nurse, you still would need college. So it depends on your major
ОтветитьI would do a custodial account in the event the child chooses not to go to college.
ОтветитьIn her scenario, just hold on to 529 and let it sit there and grow. If the child wants to eventually go back to school they can or if you want, transfer it to possible future grandkids to avoid paying penalty when withdrawing
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