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Nope. The Illinois plan has had good returns for me and its tax deductible up to $20k a year
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If you move to another state and transfer to their 529, there will be tax implications (e.g., potentially income tax on earnings portion of rollover, recapture deductions) — but I wouldn’t worry about it if for now the plan is to stay put. I believe you can leave it in IL’s plan even if you move, but you may want to fact check me on that.
you can leave it in IL, you just forfeit the tax deduction for IL. not a major deal imo, esp as most states don’t even have a deduction element to their plans
BrightStart seems one of the more highly rated 529s. Don't have any specific complaints about it but I haven't done one in a different state.
If your child pursues a different path (trade school, TikTok influencer, etc), what will you do with the 529 funds?
Look up 529 qualified expenses — they cover a ton of things, including trade school. If none of those work you can rollover to another family member or move into an IRA for the child.
Worst case if none of those work, you withdraw the money and pay a penalty.
Worst case I’d guess is you need it down the road and pay the penalty. If that’s not the case and your kid doesn’t pursue schooling or things that qualify then as mentioned can give them a jump start on their retirement fund or even with the penalty a jump start on their savings or a down payment.