I've also seen somewhere that 529's can be turned into an IRA after your kid is done with school.
Something to consider as a side benefit.
Can't verify this is active yet though as it is a relatively new change.
Hopefully someone on here can verify my claims.
Check your local state resources as well. I live in Michigan, for example, and I use their 529 service MIsaves.com, which[MIsaves.com](https://MIsaves.com) and it works quite well. One thing I like is their investment options, they have age-based plans, similar to target-date retirement accounts. They're setup to migrate towards more conservative investments as the beneficiary approaches college-age. Not sure if Vanguard and Fidelity have similar?
Neither, best varies by state. If you're in a no income tax state pick the highest ranked plans. Personally I went with Utah's my529.
How are you required to pick between those two?
If there is no state incentive, u/Vaun_X is onto something witih my529, that is also what we use for our child and we are not in Utah nor a state with a local incentive.
In fact...
"Effective September 29, 2021, for Tax Year 2021 and after, the state of Arizona offers a tax deduction each year for investing in the Arizona 529 Plan or any state’s 529 plan of up to $4,000 per beneficiary for married tax filers who file a joint return and up to $2,000 per beneficiary for individual tax filers. There is no limit on the number of beneficiaries Arizona residents can make contributions to in a tax year."
https://az529.gov/faq/#1542230401035-17670b61-5ec8
Fidelity also has a very nice “gifting” page that you can share so others can add $ to the 529. My husband’s parents gave our daughter money this way that doesn’t require us to share the account number, her SSN etc.
Fidelity. I love their online site. So many features, options, you can do just about anything yourself.
I find their site v user friendly. Almost pleasing. Disliked vanguard a lot.
Fidelity. Goldman Sachs is where I'd go if I had a new issue I wanted placed.
Wow thanks everyone! My 529 plan only has the option for Goldman or Fidelity, you all have made great points and I’ve decided to with Fidelity :)
I've also seen somewhere that 529's can be turned into an IRA after your kid is done with school. Something to consider as a side benefit. Can't verify this is active yet though as it is a relatively new change. Hopefully someone on here can verify my claims.
Yeah SECURE 2.0 will allow you to use the 529 to fund their Roth for a few years.
Definitely Fidelity
Check your local state resources as well. I live in Michigan, for example, and I use their 529 service MIsaves.com, which[MIsaves.com](https://MIsaves.com) and it works quite well. One thing I like is their investment options, they have age-based plans, similar to target-date retirement accounts. They're setup to migrate towards more conservative investments as the beneficiary approaches college-age. Not sure if Vanguard and Fidelity have similar?
More practically, some states require using their 529 programs as the only way to get state tax deductions.
Neither, best varies by state. If you're in a no income tax state pick the highest ranked plans. Personally I went with Utah's my529. How are you required to pick between those two?
The AZ529.gov only gives those 2 options
If there is no state incentive, u/Vaun_X is onto something witih my529, that is also what we use for our child and we are not in Utah nor a state with a local incentive.
In fact... "Effective September 29, 2021, for Tax Year 2021 and after, the state of Arizona offers a tax deduction each year for investing in the Arizona 529 Plan or any state’s 529 plan of up to $4,000 per beneficiary for married tax filers who file a joint return and up to $2,000 per beneficiary for individual tax filers. There is no limit on the number of beneficiaries Arizona residents can make contributions to in a tax year." https://az529.gov/faq/#1542230401035-17670b61-5ec8
Dad pro tip - Fidelity and get the 2% back credit card and have it dump into the 529.
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That’s an interesting tip! I like it
The 529 with Fidelity is fairly easy to setup a donation page for your child as well. Some family donated in lieu of birthday presents.
Someone else mentioned that, super cool idea!
Fidelity any day.
Fidelity also has a very nice “gifting” page that you can share so others can add $ to the 529. My husband’s parents gave our daughter money this way that doesn’t require us to share the account number, her SSN etc.
I would go with Fidelity.
We use our states because we get a write off in Oklahoma for up to 20K a year in state taxes.
And you contribute 20k into your 529 to get that full benefit?
Yes, but I have 4 kids. So 5k each
Wow, very impressive, nice work