What your broker isn’t telling you about 529 plans
Most states’ 529 plans give you a state tax deduction for your contributions. But this only happens if you put your money in your resident state’s plan. Often times, I meet a person who was referred to us, and I see that his or her child or grandchild’s 529 plan is not from their state of residency. While the funds can still be used in any state, the problem is that they will not get any state tax deduction for their contributions.
So, why would a broker recommend a mutual fund 529 plan from a different state?
The answer: the broker will make more money by selling his own company’s plan versus the one from the state where the client lives.
So, make sure your 529 plans are from your state of residency.
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Kelly Campbell, a Certified Financial Planner, has nearly two decades of experience in the financial planning and investment management. He is President and CEO of Campbell Wealth Management, an independent, Northern Virginia/Washington, DC-based firm.
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Joe Anthony
Gregory FCA Communications
JoeA@GregoryFCA.com
610-228-2095
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