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  • Starting 529

    We're having a baby at the end of the year, and I just had a few simple questions with regards to 529s.  Thanks in advance for assistance!

     

    1) Baby is due end of December.  I was hoping to contribute for 2016 (and again for 2017).  Obviously, there will be a time crunch, and I can't open the account now without a SSN.  Does the account have to open and money contributed by 12/31/16 to count?

    2) I'm between NV and UT (CA resident so no tax benefits here).  Thoughts to best plan?

  • #2




    We’re having a baby at the end of the year, and I just had a few simple questions with regards to 529s.  Thanks in advance for assistance!

     

    1) Baby is due end of December.  I was hoping to contribute for 2016 (and again for 2017).  Obviously, there will be a time crunch, and I can’t open the account now without a SSN.  Does the account have to open and money contributed by 12/31/16 to count?

    2) I’m between NV and UT (CA resident so no tax benefits here).  Thoughts to best plan?
    Click to expand...


    Congrats!

     

    1) You can open the account in your name and just change the beneficiary once you have the baby's SSN

     

    2) I don't think you can go wrong either way. I went with NV (also in a state with no tax benefits) since it was run through Vanguard and I could easily monitor all my accounts with one login. If you are interested in DFA funds, I believe Utah offers those.

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    • #3
      Morningstar released rankings of what they consider to be the best 529s.  Vanguard's NV plan and The Utah Educational Savings Plan are both rated Gold, as well as the Virginia529 inVEST.

      http://news.morningstar.com/articlenet/article.aspx?id=775806

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      • #4
        We use the Utah 529 plan, and am very happy with it.  Good mix of Vanguard and DFA funds.

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        • #5
          DMFA, is Vanguard 529 savings plan in that link the age based option or picking them individually? It looks like to me that both options are gold but I wanted to clarify.
          Thanks,

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          • #6
            Thanks for all the responses! Didn't think you just name myself as beneficiary for now. I'm thinking NV just for convenience then. I already have accounts at vanguard.

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            • #7




              DMFA, is Vanguard 529 savings plan in that link the age based option or picking them individually? It looks like to me that both options are gold but I wanted to clarify.
              Thanks,
              Click to expand...


              I think it's their option as opposed to DIY...I think it'd be kinda hard for them to rate performance of DIY portfolios.

              http://529.morningstar.com/529p/overview.action?state=NV&planID=5PUSA0002K

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              • #8
                Thanks for your response. The links are helpful

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