Doing some research, it feels to me that it might be too late and instead use regular non tax advantage accounts like vanguard, schwab, high yield saving accounts Note: We leave in California
Yes it’s still advisable. Tax free savings for tuition always makes sense!
Generally I agree, but the tradeoffs are 1) the tax benefit is on the growth, not on the principal. The person’s money is only growing for 6-10 years in this case. 2) your money is tied up and subject to penalty withdrawal
Depends on the state for tax benefits on the principal.
When it comes to saving of any kind, it’s never too late.
I don't believe in programs that lock my money. I wouldn't even do 401k unless there is some matching
No, don't do it. Having 529s disqualify you from a bunch of scholarships and aid. And if you think your TC is too high for that, a family friend with 1.1M TC qualified.
Ur recommending get 529 or don’t get 529 if we have high tc ?
Only 7% of the value of a 529 counts towards your ability to pay for FAFSA calc
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Yes. Ideally you don’t use it and you can pass it on tax-free to your grandkids.