529 plans for Georgia and taxes

[Scorpius]

Not unusual for a student to get an assoc. degree at the same time he gets his HS diploma

Yea those must be those kids I saw last year still standing when asked “if you have 10 or more de/AP classes completed remain standing” the winner was like 13 or 15 don’t recall but hell it paid off, a college rep was at their graduation to announce that kid had a 100% full ride for four years and had accepted. Wow.....(was to a private Christian college).



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[Necrosis]

Yea well...not sure whats going on there. My kids are all in private school and for him as a senior they’ve helped them with some site to apply to many grants at once. Not a single hit yet. I’m not as deep in the know as I’m the bread winner so had been hoping between the son and my wife they’d have it all figured out by now. Surprised not a single grant so far. If it’s “needs based” then I’d assume that’s why cause apparently Uncle Sam with the fsfsa stuff thinks I can afford 45k annually for one kid in school. Hell im choking to do half that for three in private school.

I'm betting every kid at the high school got applied for those through said site. There's money out there but it takes work to apply for them (individual applications, essays, etc). The easy money goes fast.

 

[Bushwhacker]

So what exactly does HOPE and Zell Miller scholarship pay for??

 

[Necrosis]

So what exactly does HOPE and Zell Miller scholarship pay for??

Hope covers all the tuition for essentially an entire undergrad program, if you maintain your grades.

 

[Ringleader]

I'm sending mine into the Army or Marine Corps for a couple of years to learn a trade, get some GI Bill benefits then onto college....unless he gets real smart real soon

 

[rustyboy]

Are you sure about this? I can't find any information on income limits related to 529 plan deductions for GA income tax purposes.

There isn't one that I can find.

 

[albatros43]

GA has a cap on income at which you can deduct 529 plan contributions.

I made above that cap, so we used Clark Howard's site to figure out that Utah has far and above the best return on investment since we got zero for using the average GA plan.

14 years ago set up the first born's and as of now he is covered almost anywhere for 4 years. Masters and Doc if he goes public university. Same for second born at 13 years.

Course, they would make more money if they got an HVAC, Plumbing, or Electrician apprenticeship......

Good grief. How much do you contribute?

 

[sparked1]

GA has a cap on income at which you can deduct 529 plan contributions.

I made above that cap, so we used Clark Howard's site to figure out that Utah has far and above the best return on investment since we got zero for using the average GA plan.

14 years ago set up the first born's and as of now he is covered almost anywhere for 4 years. Masters and Doc if he goes public university. Same for second born at 13 years.

Course, they would make more money if they got an HVAC, Plumbing, or Electrician apprenticeship......

Eh, don't think that's accurate. I'm not aware of a cap on income for deducting 529 contributions. The max you can deduct is $4,000 per beneficiary no matter your income.

 

[sparked1]

Not unusual for a student to get an assoc. degree at the same time he gets his HS diploma

Say what? An Associate's is 60 credit hours or at least 20 college courses. I don't know how a high school student could manage that, especially since AP classes are not available until sophomore or junior years. If there are student's that get it done, it's certainly not "not unusual".

 

[Granite3]

Eh, don't think that's accurate. I'm not aware of a cap on income for deducting 529 contributions. The max you can deduct is $4,000 per beneficiary no matter your income.

You are correct. I put in a one lump sum payment the week they were born. So, it would only reduce my income by 4k, so we looked for the best. The Utah plan was hands down the best one at the time.