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Financial Planning / Paying For College
|Subject: Re: Which 529 Account for Niece? (Long)||Date: 7/12/2001 7:33 AM|
|Author: bobw0||Number: 4038 of 8206|
Personally, I would recommend:
B. Open a 529 account in OH and make a $50 monthly contribution to avoid the annual fee. Take advantage of the OH tax deduction and split the account among my future children and my nieces and nephews at some point in the future.
You get a roughly 6% Ohio income tax deduction on the $600 (12x50).
You might also be able to change beneficiaries from them up and over to your own kids, which may make you want to contribute even more if you are planning to have kids some day. I say "up and over" because as I recall you may need to change the bene from them to their parents, and then to you, then to your kids, in direct links.
You also might pose the question on the savingforcollege discussion board.
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