The New "What did you do with your Z today" (with off topic replies) XVIV

Pintsize725

That's going to his doctor bill to pay it off. I do need to find out about the 529 saving account for college though. He's going to have to work for some of it too though. We are like low on the middle class pole lol.

__________________
Tracie

jpkirk

That is an excellent approach. We started late on the 529. Starting now so you get the full benefit of interest and so on is what we should have done. I like the idea of sweat equity. My wife did not really. So we pay for it all. Luckily the kid decided to go to a local state university that is not real expensive ... yet ... but is getting a great rep for STEM degrees. It takes a bight, we cinched our belts.

__________________

intake | exhaust | wheels | tires | suspension ... um ... stock, do speed stickers count?
intake | exhaust | TE37 SL | RE-11 | suspension ... um ... do speed stickers count? Signature under construction

Pintsize725

How does the tax work on a 529? From what I was reading there isn't a tax penalty when withdrawn for a qualified educational institution. But if we are putting in money that has already been taxed, surely we wouldn't be again, right? That's what I need to figure out.

__________________
Tracie