529 Plan Facts
April 8th, 2008
Question: How much should I contribute to my son’s 529 Savings Plan?
My son is 10 years old and I (shamefully) have not opened a 529 college savings plan for him (we were very young parents and like many young parents didn’t give it the necessary thought we should have), but my husband and I want to fix/do that now. My question is, due to the fact that I have missed 10 WHOLE years of savings, I wanted to know how I can calculate how much I need to save now to make up for the missed savings time. Serious answers only. TIA.
My husband and I have jobs. I want to know how I can calculate an actual cost. I just want to make up for the lost savings time.
Answer: You can contribute what you want, but the amount that will be tax deductible stops at I believe 500$ ($1000 married filing jointly PER YEAR) You will need to at least quadruple up on deposits for at least 3 years… both of you…
Investment Facts : Opening an Education Investment Account
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