04-03-2025, 05:23 PM
Thinking to start 529 plan for kids who are 15 years away from college age. State 529 gives 10,000 deduction off state fed and state taxes. $3k of tax savings on 10k.
Or else keep paying down the 6.25% mortgage on the highest interest investment property loan with possibility of selling the property when they hit college age, or they could manage it, move into it, or maybe college will be free or less important by then.
529 saves $3000 in taxes this year. Paying down the mortgage only saves $625 this year, and it a business tax deduction.
other thoughts or analysis on 529 or not?
thank you
Or else keep paying down the 6.25% mortgage on the highest interest investment property loan with possibility of selling the property when they hit college age, or they could manage it, move into it, or maybe college will be free or less important by then.
529 saves $3000 in taxes this year. Paying down the mortgage only saves $625 this year, and it a business tax deduction.
other thoughts or analysis on 529 or not?
thank you