submitted 1 year ago by [email protected] to c/[email protected]

18 comments fedilink hide all child comments

I've heard this is a good way to set your kid up for success and take advantage of compounding. One of the parts I always get caught up on when looking into it, is that your kid needs some form of taxable income, and whatever they contribute, you can match it.

If you have a child that is just a couple years old, how do you accomplish this? I can't just say I pay her $3000 a year for picking a book to read each night..or can I?

you are viewing a single comment's thread
view the rest of the comments

[-] [email protected] 2 points 1 year ago

My state gives me 10% back as tax refund for contributing up to $5000 a year to my kids 529.

[-] [email protected] 2 points 1 year ago* (last edited 1 year ago)

I need to look into that for mine. I live in Ca but I have a NY 529 (they have a solid performance history). So I wonder if I'd still qualify for any incentives

this post was submitted on 17 Jul 2023

18 points (100.0% liked)

Personal Finance

3747 readers

13 users here now

Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Join our community, read the PF Wiki, and get on top of your finances!

Note: This community is not region centric, so if you are posting anything specific to a certain region, kindly specify that in the title (something like [USA], [EU], [AUS] etc.)

founded 1 year ago

MODERATORS

[email protected]