Just now, paco said:

I always wondered... what if I have a 529 that is $250k and then Ellie decides college isn't for her. What happens to that amount?

You roll some over to an IRA for them or they can keep it for their children in the future.

4 minutes ago, Paul852 said:

Don't worry, if you overfund the 529 you can at least rollover 35k of it into an IRA for your child.

yes exactly. I unfortunately don't think that will be a "problem" we run into lol.

4 minutes ago, paco said:

I always wondered... what if I have a 529 that is $250k and then Ellie decides college isn't for her. What happens to that amount?

There's a couple options.

1) You can leave it where it is and just let it continue to grow, and then one day if/when Ellie has children of her own, you can change the beneficiary to her child.

2) You can one day roll over a portion of it to a Roth IRA for Elli once she has earned income. You can roll over up to $35,000. Just not all at once. Would have to do the max yearly limit over x amount of years.

3) You could ultimately choose to withdraw it (for yourself or her) and use it for non-education purposes. At which point you'd pay a 10% penalty on the earnings plus income tax on the earnings.

17 minutes ago, paco said:

I always wondered... what if I have a 529 that is $250k and then Ellie decides college isn't for her. What happens to that amount?

Also, should note, a 529 isn't ONLY for college. There are a number of programs beyond traditional college that she can use the funds for if she decides college isn't for her. Certain vocational/trade schools, culinary school, cosmetic school, etc...

1 hour ago, Phillyterp85 said:

Ha no. It’s basically an IRA account that you can fund for your child. Whereas before this, that was not allowed. Your child could only have an IRA if THEY actually earned income to put into it. You couldn’t open a IRA for your child and then fund it out of YOUR money on their behalf. Trump being the narcissist he is of course had to have his name attached to it.

It’s a nice instrument IF you have the excess capital for it. Unfortunately for me I’m not at that stage right now. Any extra funds I can get are going into their 529s. No sense investing in a tax deferred instrument instead of a tax free instrument.

Fair enough. I still dont trust anything with his name on it and wouldn't put a dime into anything with his name on it.

1 hour ago, paco said:

I always wondered... what if I have a 529 that is $250k and then Ellie decides college isn't for her. What happens to that amount?

I know it can be used for trade school or any kind of training. Each of my kids has one.

OT:

1 hour ago, paco said:

I always wondered... what if I have a 529 that is $250k and then Ellie decides college isn't for her. What happens to that amount?

A pretty good weekend in Vegas will handle it

3 hours ago, DrPhilly said:

You are forgetting all the stuff they’ve let him get away with thru the EOs. Nearly all the policy has gone thru that mechanism and Congress has not challenged him. That is going to change.

They may win, but nothing is going to happen. Sure, they can pass legislation to "challenge him" and he'll veto. They can impeach him in the House and won't get 2/3 in the Senate, but people can slap another useless label on him. Congrats on that participation trophy, but he's still finishing his term. So like I said nothing much will change past more fighting. So he'll be fighting more with the SOH and more fighting with the SL. It will be a win for you all, but nothing else will really change.

35 minutes ago, mr_hunt said:

OT:

This man is so pathetic.

1 hour ago, Paul852 said:

Don't worry, if you overfund the 529 you can at least rollover 35k of it into an IRA for your child.

You can also transfer a 529 to any other children (e.g. if the oldest gets a scholarship(s) and doesn't need to withdrawal as much for their 529)

1 hour ago, Diehardfan said:

They may win, but nothing is going to happen. Sure, they can pass legislation to "challenge him" and he'll veto. They can impeach him in the House and won't get 2/3 in the Senate, but people can slap another useless label on him. Congrats on that participation trophy, but he's still finishing his term. So like I said nothing much will change past more fighting. So he'll be fighting more with the SOH and more fighting with the SL. It will be a win for you all, but nothing else will really change.

They will force him into deciding between ongoing funding for general items and removing funding for specific EOs. They will also put every Congressman on record for all the key items.

Just now, DrPhilly said:

They will force him into deciding between ongoing funding for general items and removing funding for specific EOs. They will also put every Congressman on record for all the key items.

So they attach a rider and it falls flat and triggers a shutdown. One is leaving office for good in 2 years the other will face reelection in 2 years. Who do you think has more to lose there in a prolonged shutdown? Trump can move money around within existing budgets which wouldn't be a first. Look, if you all want to feel better about getting a win because they control the House it's looking good. Reality is nothing much is going to change. The volume will go up on the fighting, they will launch investigations, and in a year things will start shifting to 2028. Again, win for you all, but nothing is going to happen past more fighting.

8 hours ago, M.C. said:

Over/under on how long it takes @Diehardfan to start queefing over people replying to his posts in this thread?

14 minutes ago, Boogyman said:

Over/under on how long it takes @Diehardfan to start queefing over people replying to his posts in this thread?

I think people have been great, honestly. Doc asked a question, but other than pulling me in for Lane talk nobody has really pushed political stuff at me. Hope you have a great.

1 hour ago, Diehardfan said:

So they attach a rider and it falls flat and triggers a shutdown. One is leaving office for good in 2 years the other will face reelection in 2 years. Who do you think has more to lose there in a prolonged shutdown? Trump can move money around within existing budgets which wouldn't be a first. Look, if you all want to feel better about getting a win because they control the House it's looking good. Reality is nothing much is going to change. The volume will go up on the fighting, they will launch investigations, and in a year things will start shifting to 2028. Again, win for you all, but nothing is going to happen past more fighting.

I think the question of who has more to lose will depend very much on the particulars AND don't leave out the GOP Congressmen from the balance as they may stand the most to lose.

3 minutes ago, DrPhilly said:

I think the question of who has more to lose will depend very much on the particulars AND don't leave out the GOP Congressmen from the balance as they may stand the most to lose.

They will be hiding someplace doing nothing like usual.

4 hours ago, paco said:

I always wondered... what if I have a 529 that is $250k and then Ellie decides college isn't for her. What happens to that amount?

I see plenty of people have already answered about what you can so with the money. But worst case scenario you just cash out and pay the penalty/taxes on the gains. You're still getting a good deal of dough.

2 hours ago, Diehardfan said:

I think people have been great, honestly. Doc asked a question, but other than pulling me in for Lane talk nobody has really pushed political stuff at me. Hope you have a great.

You are just like the fat F'er hahahahaha

12 hours ago, M.C. said:

WTF

9 minutes ago, NOTW said:

It speaks