529 Plan Georgia
September 25th, 2009
Question: Egads, I ‘m going nuts. what is best 529 college savings plan?
I’m suffering from too much information. My husband and I want to start a 529 Plan for our 10-year-old. We reside in Georgia but our income is too high for the tax break. So now we can choose any state. And we’re going crazy looking at the choices. We’ve looked at Utah and at Iowa. We’d be putting in about $60,000 on day 1. Ideas to help us simplify our decision making? We’re making this way too hard, I know! 
Answer: Look at the rules if your child doesn’t go to a school in that state.
By the way, don’t forget to the form 709 when you file your taxes. The $60,000 is technically a gift. You are allowed to have it count as 5 years of $12,000 gifts by indicating this on the form (and then you don’t have to file the form the other years).
Feeding Fingers: “Where Mimes Come to Say Goodbye” Live @ The 529 in Atlanta, GA – Jan. 4, 2010
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