01-06-2022, 03:12 PM
If you live in Louisiana, the state-backed Louisiana START 529 will match your contributions up to 2%-14% (depending on your income bracket). A portion of the funding is guaranteed by the state and safe from loss due to market volatility. Additionally, you can write off any contributions up to $4800 per year from your Louisiana state income taxes. I started one for my stepdaughter this past year and should essentially get all of my state income tax withholding refunded (which I will then put right back in the 529.)
You have to be a resident to start a Louisiana START 529, but you do not have to remain a resident to keep contributing or to use the funding. The beneficiary can be anyone at any age with a social security number. You can start one for yourself.
Any adult or legal entity can open an account for any beneficiary. You don't even have to be related, although you lose the tax advantages if they are not a relative. The categories of relatives are very wide. It can be a grandkid, stepkid, first-cousin, in-law, descendant of an in-law etc.
Imo, it's the best 529 out there - provided you're a Louisiana resident.
You have to be a resident to start a Louisiana START 529, but you do not have to remain a resident to keep contributing or to use the funding. The beneficiary can be anyone at any age with a social security number. You can start one for yourself.
Any adult or legal entity can open an account for any beneficiary. You don't even have to be related, although you lose the tax advantages if they are not a relative. The categories of relatives are very wide. It can be a grandkid, stepkid, first-cousin, in-law, descendant of an in-law etc.
Imo, it's the best 529 out there - provided you're a Louisiana resident.
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