Don’t Let These Myths Stop You from Opening a 529 Plan

To get the most value from your 529 plan, the best time to get started is right not. Don’t let these common misconceptions keep you from opening a 529 plan.

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New SEC rules require financial advisors to act in investors' best interests

The SEC recently adopted new rules to help protect investors from bad advice, high fees and conflicts of interest when buying investment products from financial advisors. Under the new rules, financial advisors who earn commissions (brokers) will be held to a higher standard of conduct when recommending investment products such as IRAs and 529 plans.

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Should I Pay Off My Mortgage Early or Save for College?

Instead of saving for college in a 529 plan, some families pay off their mortgage early to free up future cash flow. Families should consider their mortgage interest rate, the liquidity of their assets and whether or not they plan to stay in their home before deciding to pay off their mortgage early.

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How much can you contribute to a 529 plan in 2019?

There are no annual contribution limits for 529 plans. However, each 529 plan has an aggregate contribution limit, ranging from $235,000 to $529,000. Families making a large 529 plan contribution should consider the annual gift tax exclusion amount and find out if they qualify for state income tax benefits.

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Workarounds for grandparent-owned 529 plans

If a 529 college savings plan is owned by a dependent student or the dependent student's parent, it has a minimal impact on the student's eligibility for need-based financial aid. But, if the 529 plan is owned by anybody else, such as a grandparent, aunt or uncle, it will hurt aid eligibility. There are, however, a few solutions that will address the potential harm.

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