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Piano lessons went remarkably smoothly. Yay!
T. is filling out the housing and meal plan forms for the college he is going to. So we’re thinking all that through with him (honestly, he doesn’t need us — he’s making great choices), and mostly concluding that the difference between the most meal plan and the least-for-on-campus-students meal plan is too little for us to be concerned about so we’re Going Big and then we’ll adjust the second term if needed.
I then decided to figure out the rules of 529 distributions, because T. paid for the enrollment deposit on the credit card and that is definitely eligible under the 529. Earlier, I tracked down where in the Fidelity system to go to enter payments to go to a college, so that’s great, but what about this credit card thing. As near as I can tell, as long as I can document it, it’s just a matter of withdraw the money from the 529 that matches what I’ll be paying via the credit card. Yay!
Finally, I got curious about what leftover money in a 529 plan can be used for, because, you know, he picked a lovely and inexpensive state school, and we each funded plans a long time ago so unless A. decides to be incredibly expensive, odds are good there will be leftovers. We have learned about the Roth IRA rollover (but it has the annual limits and a $35K cap, so unclear whether that’s even interesting, altho we have had the accounts long enough, so there’s that, anyway). Then, purely for completeness, I poked at the estate rules. Hmmmm. Hmmm. Hmmmm. Hmmmmm. That is an amazing set of rules right there. However, I will never, ever, ever make any effort to take advantage of that. And also, somebody else out there will.
R. thought the talk about letting you roll 529 money into a house downpayment actually went somewhere (it did not, which he is learning).
My plan is, once the kids have exhausted their interest in further education, or maybe even before, just start using 529 money to pay for more college for me, because, why not. YOLO, I guess.
Look, I know the actual reality here is that I’ll be using 529 to fund college for someone else I know, but I can dream.
T. is filling out the housing and meal plan forms for the college he is going to. So we’re thinking all that through with him (honestly, he doesn’t need us — he’s making great choices), and mostly concluding that the difference between the most meal plan and the least-for-on-campus-students meal plan is too little for us to be concerned about so we’re Going Big and then we’ll adjust the second term if needed.
I then decided to figure out the rules of 529 distributions, because T. paid for the enrollment deposit on the credit card and that is definitely eligible under the 529. Earlier, I tracked down where in the Fidelity system to go to enter payments to go to a college, so that’s great, but what about this credit card thing. As near as I can tell, as long as I can document it, it’s just a matter of withdraw the money from the 529 that matches what I’ll be paying via the credit card. Yay!
Finally, I got curious about what leftover money in a 529 plan can be used for, because, you know, he picked a lovely and inexpensive state school, and we each funded plans a long time ago so unless A. decides to be incredibly expensive, odds are good there will be leftovers. We have learned about the Roth IRA rollover (but it has the annual limits and a $35K cap, so unclear whether that’s even interesting, altho we have had the accounts long enough, so there’s that, anyway). Then, purely for completeness, I poked at the estate rules. Hmmmm. Hmmm. Hmmmm. Hmmmmm. That is an amazing set of rules right there. However, I will never, ever, ever make any effort to take advantage of that. And also, somebody else out there will.
R. thought the talk about letting you roll 529 money into a house downpayment actually went somewhere (it did not, which he is learning).
My plan is, once the kids have exhausted their interest in further education, or maybe even before, just start using 529 money to pay for more college for me, because, why not. YOLO, I guess.
Look, I know the actual reality here is that I’ll be using 529 to fund college for someone else I know, but I can dream.