154-Masterclass on 529 Plans a.k.a. Qualified Tuition Programs - Part 2: Savings Plans

Radical Personal Finance

Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP

Self-improvement, Business, Education, Investing

4.2 • 1.9K Ratings

🗓️ 19 February 2015

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

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Summary

http://Patreon.com/RadicalPersonalFinance

We continue our Masterclass on 529 plans today. If you haven't heard part 1, Go back and listen to episode 138 first. http://radicalpersonalfinance.com/138-masterclass-on-529-plans-a-k-a-qualified-tuition-programs-part-1/ You'll need it for context on today's show.

Today we dig into more of the how-to regarding savings plans. I also spend a good bit of time explaining the state income tax benefits for you. Depending on your situation, these may or may not be important for you.

Topics:

Which states give a tax deduction for 529 contributions and how much?
Which states offer tax parity?
How to take advantage of the 529 State Income Tax Loophole.
How to figure out if you should take advantage of a plan with lower fees or a plan with a better deduction.
Who should own the plan--parents, grandparents, or child?
How do 529 plan distributions get reported?
What are the best 529 plans to choose for each state?
How can you get free money for college?

Enjoy the show!

Joshua

Part 1 of this 529 Plan series: http://radicalpersonalfinance.com/138-masterclass-on-529-plans-a-k-a-qualified-tuition-programs-part-1/
Which states offer a 529 Plan deduction? http://www.finaid.org/savings/state529deductions.phtml
Free money for college: http://www.fastweb.com/financial-aid/articles/free-money-for-college-savings
Information on Individual Development Accounts: http://cfed.org/programs/idas/ida_basics/
If this information has been useful to you, please support the show on Patreon! https://www.patreon.com/radicalpersonalfinance

Transcript

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0:00.0	Today on
0:02.0	we work on hardcore in-depth financial planning
0:06.0	and today we continue with our master class on 529 plans.
0:10.0	Special focus today on understanding the state income tax deduction system and also a
0:17.3	discussion of savings plans. hands. Welcome to the Radical Personal Finance Podcast. My name is Joshua Sheets and today is
0:40.3	Wednesday February 18, 2015.
0:44.8	Today we continue our discussion on 529 plans.
0:48.7	Hope you enjoy it.
0:50.2	We're going to try to understand a little bit
0:51.4	about the income tax system on the state level
0:53.6	and then also try to give you some advice for things to consider if you want to do a savings
0:59.6	program for your child's college. I've kind of been putting this show off for a few weeks and even as I sit down it's a beautiful day here in
1:13.6	sunny South Florida and even as I sit down to record the show today I kind of feel
1:17.4	like pushing this off but I think I can do it and and I want to get this
1:21.2	done I want to get this information out to you.
1:23.0	And so continuing with this topic
1:27.0	as part of our series, if you haven't listened to episode 138,
1:32.0	you will want to listen to that first.
1:35.0	first as it sets the overall framework for today's show.
1:39.0	We talk about what are 529 plans, what are the
1:42.0	aka qualified tuition programs same thing then both the prepaid type of programs and the savings programs both of those are 529 plans both of them are qualified tuition programs even though you might hear people
1:54.2	refer to them differently.
	...

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