With children heading back to school soon, it’s time to get serious about saving money for education after high school (or Indiana K-12 tuition). It’s never too late to start, and Indiana offers a great state tax benefit on contributions into an Indiana529 Direct Savings plan.
Here are a few common myths about Indiana529 Direct accounts…
- A 529 plan can only be used in my home state.
- If the child doesn’t go to college, I lose money.
- I can only choose from aggressive investment options.
- I’ll just borrow the money later.
- I can only use 529 plans to pay for tuition.
- It’s too late to start a 529 plan account.
- 529 plan accounts are too small to make a difference.
- Grandparents can’t be account owners.
- A 529 plan will have a negative impact on financial aid opportunities.
Click here to access the facts to dispel these myths.
Learn more about Indiana529 Direct Savings plans and enroll here.
Have more questions about Indiana 529 Direct Savings Plans or college financial aid planning? Click here to contact us now.
Blog by Brian Biggs, CPA – Financial Advisor, Senior Tax Accountant
Learn more about Brian and the rest of the Storen Financial team here.