mhalley, it would be helpful if you could explain which Fidelity 529 plan “is better than the other” & why.cant seem to add to post, but fido has several plans, one is better than the other.
ssn, also be aware of the American Opportunity Tax Credit (AOTC) which is a $2,500/year Federal tax credit if you pay $4,000 directly for tuition & required “enrollment fees”.
The tax credit is 100% for the first $2,000 & 25% for the next $2,000, for a total of $2,500. You cannot use 529 funds for the AOTC. When my kids went to college, I made a check made out to the university for at least $4,000 & noted “Tuition” on the check with my child’s name & university student ID number.
I believe the AOTC can only be used for 4 years of undergraduate education.
There are income restrictions so you may want to check “the google” for the details.
bill
Statistics: Posted by billfromct — Sun Jun 16, 2024 3:19 am — Replies 4 — Views 375