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As a CA resident, is it better to get the CA 529 or can I choose any state 529 ? Are there any tax benefits? |
Are there any CA state tax benefits of California's 529 that I would lose out on in getting any other state's 529 plan? Are there any other differences to keep in mind, apart from the quality of the plan's investment offerings. In most cases you would want to get the plan sponsored by your state. Every state sets its own rules for tax exemption on 529s. If you are going to go with one outside of your state, I would look at College America which is through the American Funds. Obtain more info from 529s.com Tax implications depend on the state you live in, not the state that sponsors the plan. CA currently does not tax spending from a 529 plan and offers no tax deductions for contributions. The state that sponsors the plan is irrelevant to CA residents, so focus on the investment options and the fees. Report It Yes, local state plans offer state tax benefits that outside plans do not. Keep in mind expenses - the higher the cost of a plan, the less you get to keep, whether it's in CA or not. In then end, what matters is what you get left with after every man and his dog takes what they claim to be their share - management fees, account open fees, account close fees, new law fees etc.. |
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