Can a 529 be used for multiple children?

Asked By: Kelton Abbott
Date created: Tue, Feb 16, 2021 6:00 AM
Best answers
The short answer is yes — the same child can be the beneficiary of multiple 529 plan accounts. If several people — parents and two sets of grandparents, for instance — want to help fund a child's education, they can either contribute to a single 529 account or set up separate plan accounts.
Answered By: Maybelle Herzog
Date created: Wed, Feb 17, 2021 8:03 AM

Vanguard index funds for beginners (top investments)

Vanguard index funds for beginners (top investments)
Technically, you could get away with having just one 529 plan for all of your children, says Taylor Jessee, director of financial planning at Taylor Hoffman in Richmond, Va. There is, however, one...
Answered By: Darius Hansen
Date created: Fri, Feb 19, 2021 5:56 PM
The short answer is yes — the same child can be the beneficiary of multiple 529 plan accounts. If several people — parents and two sets of grandparents, for instance — want to help fund a child's education, they can either contribute to a single 529 account or set up separate plan accounts.
Answered By: Remington Schuppe
Date created: Sat, Feb 20, 2021 7:55 PM
Parents often ask whether a 529 plan can have multiple children as beneficiaries or do you open one 529 plan per child. It is best to open a separate 529 college savings plan account for each child. A 529 plan can have only one beneficiary. Reasons for Having Just One 529 Plan for Multiple Children. The usual reason for having a single 529 plan – minimizing the annual account maintenance fees – doesn’t really apply any more. Most 529 plans do not charge an account maintenance fee. Most ...
Answered By: Nicola Krajcik
Date created: Sun, Feb 21, 2021 11:19 AM
If you have more than one child, you may be wondering if you can set up one 529 plan for all of your children to use. The short answer is no. You cannot designate multiple beneficiaries on a single 529 plan. However, there are a variety of other strategies you can use to provide 529 funds for all of your children. Alternatives to Designating Multiple Beneficiaries. Changing the Beneficiary. Scenario: You have two kids, Marlo 18 and Alex 4. When Marlo graduates college, Alex will be 8, and ...
Answered By: Sarai Wilkinson
Date created: Sun, Feb 21, 2021 9:39 PM
Experts say: "If you're going to use one 529 plan for two kids, it's important to create a more customized portfolio than the standard ones that are available," says Rebecca Schreiber, a Certified Financial Planner and founder of Solid Ground Financial Planning in Silver Spring, Md.
Answered By: Angie Kertzmann
Date created: Tue, Feb 23, 2021 6:48 PM
Another benefit of having multiple 529 accounts for multiple children is the ease of transference of the funds from an individual 529 account. If a child finishes their post-secondary education without using all the funds in a 529 plan, the account owner has the option of changing the current beneficiary to another member of the family.
Answered By: Judge Bergstrom
Date created: Tue, Feb 23, 2021 8:03 PM
While it's technically possible to use one 529 plan for multiple children, rather than making things simpler, it actually makes them more complicated. From beneficiary rules to investment strategies to ultimate fairness, having a separate 529 account for each child is the preferred way to go.
Answered By: Wiley Dickinson
Date created: Wed, Feb 24, 2021 1:17 AM
Dear Big Bill,While it's possible to maintain a 529 plan in just one child's name, even when you intend to send more than one child to college, I generally recommend that families open a separate 529 account for each child.That's assuming there is no additional cost to maintaining multiple accounts.
Answered By: Dayna Tremblay
Date created: Fri, Feb 26, 2021 5:35 PM
529 Plans Can Only Have One Designated Beneficiary Parents who use one account to save for multiple children could run into problems when it’s time to take distributions to pay for college. 529...
Answered By: Athena Koelpin
Date created: Sat, Feb 27, 2021 10:23 AM
Although 529 accounts are often used to pay for children’s college tuition, those funds can also be used for a variety of qualified expenses. In fact, recent changes to federal law under the Tax Cuts and Jobs Act of 2017 have given investors additional options for how they can spend their 529 plan dollars.
Answered By: Brett Langworth
Date created: Mon, Mar 1, 2021 9:27 PM
FAQ
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Generally, children begin to babble from around the age of six months and say their first words between ten and 15 months (most start speaking at about 12 months). They then begin to pick up increasing numbers of words and start to combine them into simple sentences after around 18 months.
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Most children learn to read by 6 or 7 years of age. Some children learn at 4 or 5 years of age. Even if a child has a head start, she may not stay ahead once school starts. The other students most likely will catch up during the second or third grade.
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The count now stands at more than 256,000 children at 278 schools. The Post has found that at least 151 children, educators and other people have been killed in assaults, and another 323 have been...
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