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re: Start a 529 or Roth IRA for my kids?
Posted on 8/22/24 at 7:52 am to DaBeerz
Posted on 8/22/24 at 7:52 am to DaBeerz
quote:
How did you tell taxman they have earned income?
quote:
You can use your Roth to pay for kid's college expenses.
The Roth is in my name but I only using it for my kids College expenses or when I turn 59 if they didn't go to college they can use it for a house down payment.
What I wouldn't want to do is Fund a 529 and have 175K sitting in it and my kid decide college isn't for them. They just recently passed the law where you could transfer the 35k (wasn't available when I started the Roth), but what do you do with the other 140K? Loose it?
This post was edited on 8/22/24 at 8:03 am
1
Posted on 8/22/24 at 9:23 am to jpainter6174
quote:
The Roth is in my name but I only using it for my kids College expenses or when I turn 59 if they didn't go to college they can use it for a house down payment. What I wouldn't want to do is Fund a 529 and have 175K sitting in it and my kid decide college isn't for them. They just recently passed the law where you could transfer the 35k (wasn't available when I started the Roth), but what do you do with the other 140K? Loose it?
Why do you think that you would lose the remaining 529 balance?
Posted on 8/22/24 at 9:51 am to Dead Mike
quote:
Why do you think that you would lose the remaining 529 balance?
I don't think you lose it per se, but what are your options besides school?
Posted on 8/22/24 at 10:21 am to jpainter6174
You can withdraw all contributions with no penalty and any earnings would be taxed along with a 10% penalty I believe.
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