{ "media_type": "text", "post_content": "Can I get a lesson on 529s? We’re expecting our first (!) and I know this is another vehicle to take advantage of, just don’t know where to start. Live in OH if it matters.", "post_id": "610064764289d2002459624e", "reply_count": 10, "vote_count": 1, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

Can I get a lesson on 529s? We’re expecting our first (!) and I know this is another vehicle to take advantage of, just don’t know where to start. Live in OH if it matters.

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If the 529 is in your name as owner, the assets will count as parent assets for financial aid, if that matters. Just a word of advice from someone with a child on college now, most professionals should not count on any financial aid other than loans. I set up a 529 and should have enough for all 4 years. It was definitely worth it. As others have said you may get a tax deduction, but I don’t know about Ohio. Tax free growth is a great benefit.

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Step 1, leave Ohio.

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Breh! It ain’t that bad here!

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Congrats! I have two accounts open and live in OH also. One for me, one for spouse which we’ll transfer to our kids one day. You can change beneficiary for these accounts whenever. $4k per beneficiary OH state tax deduction per year. College Advantage is the state sponsored plan (see link). Withdrawals toward education expenses are tax free. https://www.collegeadvantage.com/

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Pro tip: you can open one today. Open it in your name and change them to the beneficiary after birth. Fund the first year or two kind of heavy to get that principal compounding. Also, good baby shower gifts, first year birthday, etc are contributions to the 529 :) some providers have a link you can send to others, or they could just give you checks/cash and you handle getting it it in on your own.

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set up a upromise account to help fund the 529. it’s not much but it helps!

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Thanks all! So I understand then the most is want to contribute would be 4K/year to get the most tax benefit? Where do you open an account? Do normal brokerages have 529 options or does it need to be opened with a given provider?

Must be opened here https://www.collegeadvantage.com/

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