A 529 account owned by a grandparent is often considered one of the most effective ways to save for college for a student. Mainly because 529 accounts owned by the grandparents are invisible to the college financial aid calculation (FAFSA) when determining the financial aid package that will be awarded to a student. But there is a little-known pitfall about distributions from grandparent owned 529 accounts and the rules are changing in 2023. In this article, we will review:
• Advantages of Grandparent owned 529 accounts
• The FAFSA pitfall of distributions from grandparent owned 529 accounts
• The FAFSA two-year lookback period
• The change to the 529 rules starting in 2023
• Tax deductions for contributions to 529 accounts
• What if your grandchild does not go to college?
• Paying K - 12 expenses with a 529 account
Contact Michael Ruger with Questions: 518-477-6686 or mruger@greenbushfinancial.com
Visit our website: www.greenbushfinancial.com/
Subscribe to our channel for more financial planning tips: / @greenbushfinancialgroup
#529 #collegesavings #greenbushfinancial
6 авг 2024