{ "media_type": "text", "post_content": "Good news and bad news: We are expecting our first child in the next 2mo. Sadly, we’ve also just lost a close family member. As a result, we’ve come into a little money and would like to put maybe $10-15K aside to start a college savings for baby. Does anyone have experience with this? What’s the best way to go about it? I’m not hugely familiar with this, but want to make sure I understand the fees and taxes that may be affiliated with different options. Would be grateful for any insight!", "post_id": "60ca02cfc2325100247b574d", "reply_count": 6, "vote_count": 2, "bowl_id": "5a0c9a1f61b01a001937c406", "bowl_name": "Working Moms" }

Good news and bad news: We are expecting our first child in the next 2mo. Sadly, we’ve also just lost a close family member. As a result, we’ve come into a little money and would like to put maybe $10-15K aside to start a college savings for baby. Does anyone have experience with this? What’s the best way to go about it? I’m not hugely familiar with this, but want to make sure I understand the fees and taxes that may be affiliated with different options. Would be grateful for any insight!

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Either a UTMA/UGMA or a 529. The former provides more flexibility on use but is less tax-advantaged, the latter is tax-advantaged but can only be used for qualifying educational expenses.

likehelpful

Some states have tax advantages for a 529 plan in your state of residence so look into the plan where you live.

smart

Yes, you can pick any state. If you’re a resident of a state that offers tax advantages to residents, then it would make sense to do it in your own state.

like

You will look for a 529, either one that provides tax benefits for you or doesn’t. NY and Utah perform best (aside from tax benefit). It’s easier to open this once your child is born but you can do it now and transfer the beneficiary once you have their social. Either way is fine, waiting just reduces admin.

You can also frontload the 529 with i believe up to 75k

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