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amother
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 Wed, Nov 20 2024, 11:14 am
What is advantage and disadvantage of opening 529 accounts for my children and using it to pay yeshiva tuition?
What tax savings will I get? Lower tax bracket? Any federal tax savings?
If it only saves on state income tax what does this amount typically translate to? Any other benefits?
Thank you so much!!
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amother
Jasmine
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Wed, Nov 20 2024, 11:19 am
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Last I checked NYS didn’t allow for this. When the rules changed a couple of years ago, NYS did not go along with it.
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amother
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Wed, Nov 20 2024, 11:56 am
Speak with your accountant
From what I heard you can pay tuition from a that education account all pre tax
Problem is you have to have the money ahead of time in the account… tend to be the wealthier or thrifty among us who save and put it in the education account bc it’s all at once or something like that.
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amother
Pistachio
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Wed, Nov 20 2024, 11:57 am
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You don't need to pay federal taxes on the capital gains of your 529 investments.
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amother
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Wed, Nov 20 2024, 12:11 pm
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Thank you so much! Can anyone recommend a really savvy and knowledgeable great accountant for New York who can help with all these tuition/tax savings planning decisions? Even if NY doesn't allow k-12, it may still be worth it for college I guess?
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amother
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Wed, Nov 20 2024, 12:12 pm
| amother OP wrote: | | Thank you so much! Can anyone recommend a really savvy and knowledgeable great accountant for New York who can help with all these tuition/tax savings planning decisions? Even if NY doesn't allow k-12, it may still be worth it for college I guess? |
For some reason I heard of families doing something similar in NYC… I feel like really any cpa would know or an investment broker… jpmorgan if you bank at chase?
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mig100
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Wed, Nov 20 2024, 12:13 pm
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Can this be done in nj also?
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