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Your kid’s college fund just got an upgrade!
Whether you are currently saving for your kid’s college expenses in the future or whether you plan on doing so soon The recently passed $1.7 trillion omnibus just made an upgrade to the 529 plan, which is one of the available options parents use to save for their college kids funds.
Now there are multiple different accounts available for parents to be able to take advantage of to save for their kids’ college expenses in the future. As with everything, if you get benefits from the government, they’re going to restrict you in some way. So, the available options range between that spectrum of more benefits and more restrictions to less benefits and fewer restrictions.
Timecodes
0:00 Kids College Funds Get Upgraded
0:51 The 529 Plan
1:55 Coverdell Education Savings Account
3:06 Custodial Account
4:42 529 Plan Allows Rollovers to Roth IRA’s
7:23 Empowered Investor LIVE
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#CollegeFund #IRA #Rollover…(read more)
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What about state tax? I get a state income tax deduction for 529 contributions now… will my state then tax me when I roll it over to a Roth in the future for my kids? If not… no state tax ever on contribution + earnings?
Opened a 529 for myself today. Will save the state tax deduction for my contributions up to the maximum each year. In 15 years, I can start transfers into my Roth IRA. Everyone under 40 should be considering this!
There is a lot of mistakes in this video.
Does this change have a sunset date?
15 yr's… xD
Buy 100 yr's bond as well.
What if the kid doesn’t want to go to college ?
I don't have kids but if I did I'd save them money for a house. Then they could take rent money and get an education, if that's what they chose. Seems more wise to me.
Yes more college to indoctrinate people into their agenda
I will not be saving for my kids to go to college because I believe college has fully discredited itself at this point. I would rather front load that cost of aristocratic tutoring for them.
Can i roll it over into an IRA with my name of does it have to be the child name? My children are to immature.
Colleges create more crooks than anything else.
Got to help get them kids indoctrinated.
Lol….stock market is tanking, let's find more ways to get normies to dump money into the stock market and we can save for our kids future college drug habits
Yea I just joined the military deployed overseas and took advantage of the GI Bill got a trade I’ll be teaching my kids so they can fund their own college dreams or they can go the route I went.
Hmm can I use it on my own adult education?
More robbing from the poor to give to the rich companies…. Thanks Republicans & Democrats aka 2 headed snake
Do they also come with the standard risks if the market fails? Best, and as always thank you for the videos.
Birth rate increases
Great vid, and for the record "Handouts With Handcuffs" would be a pretty dope theme for a series and/or even another channel altogether. Lol
Peace
good way for America to get more philosophy and gender studies majors
Oh good another thing I get to pay for someone else's kid that my kids never get to benefit from. Thanks Omnibus!
The best is you dot-it yourself…..no goverment implication
I wonder if you can create a 529 plan for yourself and roll it over into a Roth IRA 15 years from now
Thanks Mt Brown
Nice to know. 15 years huh? Guess if account has leftovers once college is complete then it gets rolled over…?