mako1331
Son of Mako's Mom
- Joined
- Nov 27, 2012
- Messages
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How do you report them on your taxes? What’s the total $ you contribute?
And yes, using a Roth IRA in your name for college savings is dumb. It reduces the amount you can save for retirement and you’ll pay tax on any earnings you withdraw. It will also affect your FAFSA expected family contribution amount.
We both put the 500 per check in each to keep the yearly contribution at 6 grand. Our thought process on the Roth for college was probably just being overly optimistic and hoping the kids find a way to get most of their higher Ed paid for so we can add those to our retirement plans in a perfect world. So you think a 529 would be smarter?
And Palma, paying off a house in the sticks is a little easier than paying one off where people actually want to live.