I have an IRA that I opened after I closed out an old 401(k) but now I would like to use that money to open some 529 accounts for my kids. Can I convert the IRA to a 529 or will I have to pay a big tax penalty for cashing out first?
this is a traditional IRA and NOT a Roth IRA
Posts Tagged ‘Account’
Can I convert an IRA account to a 529 college savings account without tax penalty?
13
May
Does money in a 529 savings account or 529 cd’s have to be claimed on the FAFSA?
08
Mar
My daughter has several 529 cd’s and a 529 savings account for the cd’s that have matured that are for college tuition. These are in my name with my daughter as beneficiary. Do these need to claimed on the FAFSA and where would it go on the form.
I want to open a trust account for my children, but I don’t have a lot of money. 5k -10k to start then 500/mo?
12
Feb
The reason is my husband spend so much money and refuse to put away money for our children college (mutual funds, 529 plan, etc.) arguing that the stocks market doing badly, we might lose money in the future.
recently had a baby and would like to open some kind of account to save money for her,any ideas?
19
Jan
i’m looking into cds,ee bonds,mutual fund.i don’t want a 529 plan.i would be puting in $100.00 monthly and whatever money she gets from birthdays,etc.which will give me the best return for a long term maybe 20 yrs?
is it a good idea to transfer money from custodial account into the existing 529 college saving plan?
10
Jan
I would like to consolidate my to two accounts since 529 college sanving plans offer more benefits. Please need some advice on how to do it and if there is any taxes or penalties involve.
thanks in advance.
Where should I open up an investment account?
05
Jun
I’m still a college student so I’m not a “big baller” YET however, I have a few hundred dollars I am willing to invest in the market. I want to know which online site would be the best & possibly one with the cheapest fees/ commission to trade on.
Thanks in advance.
How to Setup a Vanguard 529 Account in Less Than 5 Minutes!
27
Oct
www.winwithyourmoney.com How to Setup a Vanguard 529 Account in Less Than 5 Minutes!
I want to set up account for grandchild to use when an adult, any recommendations?
20
Oct
I know of the 529 but it is primarily for education with penalties if used for other purposes. I have heard of a joint savings account with my name and the child’s name on the account and so the child does not have access until 18 yrs. old – is that true? Can that be done with CD’s, IRA’s and also what if I die before she is 18, will the account go to her name only but she still not have access until she is 18, will her parents have access though – anyone know this?
I know of trusts but they charge fees, etc. Any other suggestions, my grandchild turns one soon and I want to start an account she can use when she needs money not necessarily for education but still when she is at least 18 (better 21) for other necessities like a car, place to live, etc. I think her parents and other family members will have the education covered. Thanks for your suggestions…
Is her establishment of a separate account when the parents already have one an attempt to control….?
28
Aug
in this situation?
Is it strange for a grandparent to set up a 529 (college savings) account on their own when the grandparent knows that the grandchild’s parents already have a 529 account established?
If the grandparent wants to contribute, why not just add money to the account that the grandchild’s parents have set up?
It seems odd to me since the money will be split in two different accounts and therefore will not earn as much…..if all the money were in one account, the earnings would be greater, right?
Grandma is a very controlling person who tells her almost 40 year old son and his wife how to lead their lives: what car they should buy when they need one, what they should do with their old TVs when they buy new ones, what they should eat, submits a lengthy list of family names that they should name their baby when they have already decided on a name and never asked for suggestions, etc.
Grandma also gave her son the silent treatment for 3 months when he sold a piece of property that he had bought entirely on his own that was near where she lived- he needed the money, but she was mad because she didn’t approve of what he was doing.
Grandma orders (never asks) her son to call via email if she feels she hasn’t talked to him (even though he had spoken with her a week prior). Grandma feels she is entitled to know about her son’s finances because she is older and can therefore direct him how to ‘budget his money’.
Given this background, it feels as though the college fund she has set up is a method of control. If grandma’s son doesn’t do things the way she thinks they should be done, then she will withhold the money when the kids need it for college.
We do not ‘count’ the money she has set aside because it feels like it will be conditional.
The money in the account is not the issue- just wanting input on the MOTIVE behind setting up the account, especially when we already had one set up….
Wondering if it’s common for grandparents to set up their own account instead of contributing to
the existing one that the parents have?
Or is it possibly a controlling tactic in this situation?
I need your expert advise on savings account (Child)?
15
Aug
I want to save some money for my daughter she is 2 years old and currently living in Chicago IL USA I want to know what type of account will be suitable her I was advised by a bank manager to open 529 plan can some one help me find a suitable way to save money for my daughter I can deposit $50 a month The reason for this account is to save money for her university education.