College planning funding options

26 votes

how about a flow chart that shows the different options such as Coverdell, Education and 529 plan and also what can you use a 529 Plan for ( books, computers, etc )

Under consideration Suggested by: Larry Saffer (07 Jul, '20) • Upvoted: 05 Sep • Comments: 14

Comments: 14

13 Dec, '18
Matthew Nelson Merged
Looking for an easy way to determine when a grandparent should own a 529 plan vs. when a parent should own a 529 plan.
07 Jul, '20
emily@fppathfinder.com Admin
"UTMA vs. 529 Plan for Saving for College" (suggested by Sue Chesney on 2019-06-21), including upvotes (1) and comments (0), was merged into this suggestion.
07 May, '21
Mike Admin
"How to decide who should be owner of 529 plan?" (suggested by Matthew Nelson on 2018-12-13), including upvotes (4) and comments (0), was merged into this suggestion.
10 May, '21
emily@fppathfinder.com Admin
"How will my 529 account affect my child's eligibility for financial aid?" (suggested by Haleigh Miller on 2021-05-10), including upvotes (1) and comments (0), was merged into this suggestion.
06 Sep, '22
Alka Oberoi Merged
Comparision between Coverdell and 529 plans
18 Nov, '22
Jim Uren Merged
Flowchart to determine taxable amount for non-qualified withdrawals. For example, determine cost basis, see if any 10% penalty exceptions apply, consider other non-withdrawal options (changing beneficiary).
28 Dec, '22
Kim Abmeyer Merged
Can we put together a checklist/flowchart that shows why someone might want to open a UGMA or 529, or both for their child or grandchild?
21 Mar, '23
Iftikhar Ahmed
Please include UTMA accounts as an option for minor's education and other expenses.
22 Mar, '23
clinton Merged
Including a resource outlining which states are UGMA vs UTMA, and the state-specific age of majority, would be helpful.
21 Jun, '23
Aaron Louisell Merged
https://www.kitces.com/blog/grandparent-owned-529-plans-gifting-appreciated-assets-and-qualifying-for-fafsa-financial-aid/
17 Jul, '23
Michele
This may be a separate list, but how to use the various funding options to pay of college and make sure that you get all the credit you are able to (no double dipping). What expenses are qualified for Tax credits, 529s, Coverdell ie: tax credits not given for room and board, but are for required student activity fees. The rules around The American Opportunity Credit and the Lifetime Learning Credit.
13 Jan
ChrisGranger Admin
"coverdell vs 529" (suggested by <Hidden> on 2022-09-06), including upvotes (1) and comments (0), was merged into this suggestion.
13 Jan
ChrisGranger Admin
"custodial account vs. 529" (suggested by <Hidden> on 2022-12-28), including upvotes (3) and comments (2), was merged into this suggestion.
13 Jan
ChrisGranger Admin
"Non-Qualified Withdrawals from Coverdell and 529s" (suggested by <Hidden> on 2022-11-18), including upvotes (1) and comments (0), was merged into this suggestion.