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<blockquote data-quote="ILLINI IN NE" data-source="post: 908804" data-attributes="member: 10576"><p>529 plans can have another tax advantage besides tax free growth. In Nebraska you can invest $10,000 a year in a 529 and and deduct it from your state AGI for tax purposes. This saves me almost $700 a year in state income tax. Don't know the rules for Illinois.</p><p> </p><p>Another thing I do is start IRAs for my kids. They all have started detassling corn at age 12 and have worked part time jobs over summers. Whatever they make in earned income I will put into a Roth IRA with my money. Their IRAs are in brokerage accounts that allow me to trade stocks for them. I have 4 kids and the youngest is a college sophmore and has 50K in his Roth and the other 3 have much more. Once the acct. gets to 50K I stop contributing. Its a great way to get a jump on their retirement savings. With pensions dissapearing most retirements will be self funded, IRA, 401K, etc..</p></blockquote><p></p>
[QUOTE="ILLINI IN NE, post: 908804, member: 10576"] 529 plans can have another tax advantage besides tax free growth. In Nebraska you can invest $10,000 a year in a 529 and and deduct it from your state AGI for tax purposes. This saves me almost $700 a year in state income tax. Don't know the rules for Illinois. Another thing I do is start IRAs for my kids. They all have started detassling corn at age 12 and have worked part time jobs over summers. Whatever they make in earned income I will put into a Roth IRA with my money. Their IRAs are in brokerage accounts that allow me to trade stocks for them. I have 4 kids and the youngest is a college sophmore and has 50K in his Roth and the other 3 have much more. Once the acct. gets to 50K I stop contributing. Its a great way to get a jump on their retirement savings. With pensions dissapearing most retirements will be self funded, IRA, 401K, etc.. [/QUOTE]
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