I’ve tried to answer this question many times, and I’ve found that the only thing I really know about the 529 plan is what I’ve read.
There are a few things you should know about a 529 in general.
How do I qualify for it?
529 plans are considered investment vehicles and, if you qualify, they’re subject to state rules and can help you save for your retirement.
What’s the catch?
The catch is that, by definition, 529 plans don’t offer any of the investment vehicles that traditional investments do.
And, if your assets are larger than $10,000, for example, your investment will be taxed at a lower rate than the market value of your home.
That means your money is subject to a lower tax rate than if you held it at a fixed rate, such as your salary or your 401(k).
For some people, the 529 system will provide an alternative means of retirement that’s more flexible and less taxing than traditional investments.
But, there are a couple of caveats.
First, you can’t buy a 529 with your 401k, 403(b) or 457(b).
You need to buy a specific kind of 529 plan.
The 529 plan that you purchase depends on what kind of money you want to invest.
There’s a $10 million plan that provides a plan that can invest at a high rate.
There is also a $2 million plan with a high tax rate that you can invest in at a low rate.
Some people also use 529 plans to create their own retirement savings accounts.
The other catch is the 529 account itself is a form of investment.
Unlike 401(ks) or 403(bs) accounts, which you can use to invest in stocks and bonds, 529 accounts don’t provide you with a traditional form of retirement savings.
The account is an investment vehicle that’s managed by the plan administrator, and that account can be transferred to another person or to a third party.
There aren’t any taxes involved with a 529 account, but the rules for transferring an account are very different from transferring your 401K or 403B.
How much does it cost?
529 accounts can cost between $2,000 and $5,000 per year, depending on the amount of money that you want saved.
For the average person, it’s probably a good idea to start saving for retirement with a relatively small amount of assets to start.
If you have assets of $10 to $15,000 you might want to start with a $50,000 plan, and if you have more than $20,000 in assets, you might need a $200,000 529 account.
The tax consequences of owning a 529 are different than those of traditional investment accounts, but there are some restrictions.
You must file the tax return for the year that you withdraw from the account.
You have to notify the account administrator in advance of withdrawals, and you can take out up to $10.95 per month in a lump sum, or a fraction of your monthly income.
And if you withdraw funds, you have to report them to the IRS and the state where you withdraw the funds.
You can’t use 529 savings to fund retirement expenses that you have already paid for.
If the money you’re saving goes into a 529, you must report it on your tax return, but you don’t have to provide documentation of the amount you’re using.
What if I don’t qualify for a 529?
You’re eligible if you’re: an individual who’s age 65 or older; or