• What is a 529 College Savings Plan?
  • Does a 529 plan affect financial aid?
  • What if my beneficiary does not go to college, earns a scholarship, or the account has more money than I need?
  • Can I use a 529 for grad school?
  • What are the gift tax advantages of an account?
  • Does my state offer a tax deduction?
  • Do I need to use my own state’s plan?

Let us worry about funding college while you enjoy every moment… because they grow up so fast!

At Mink Wealth Management, we’re all about helping you make wise financial decisions.  Whether college planning or other areas of your financial picture, bring your challenges to us.

 

Some of the benefits of a 529 College Savings Plan:

  • Earnings are not subject to federal tax and in some cases state tax, when used for the qualified education expenses.
  • As of January 1, 2018, assets can be withdrawn to pay for K-12 tuition (up to $10,000 per year)
  • There are no tax consequences if you change the designated beneficiary to another member of the family.
  • For 2018 and 2019, you can contribute up to $15,000 per year ($30,000 if married filing jointly) to a single beneficiary without triggering federal gift tax — and up to $75,000 ($150,000 if married filing jointly) under special circumstances.
  • More than one account can be opened (by different people) on behalf of the same beneficiary.
 
 

We’re here to help.  Schedule a call today!

Just a brief 20-minute phone call can set you on track towards achieving your college funding goals, no matter what phase you are in.

 

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