All full-time employees at Autotroph are eligible to receive quarterly contributions paid by the company into a 529 college savings account which you own. Autotroph will contribute $60 each quarter into an account which you own and manage.<\/p>\n\n\n\n
Here is some helpful information about 529 savings plans:<\/p>\n\n\n\n
Is a 529 plan really worth it?<\/strong><\/p>\n\n\n\n 529 plans are one of the best ways to save for your child’s college education. These state-sponsored investment accounts offer tax-free earnings and withdrawals that can be used for tuition, books, computers and more. Historically, the funds could only be used for educational expenses but now qualifying expenses have been expanded.<\/p>\n\n\n\n Can I roll a 529 into a Roth IRA?<\/strong><\/p>\n\n\n\n Starting in 2024, when 529 account owners find themselves with leftover funds, they have another option for that money. Those unused funds from a beneficiary’s 529 account can be transferred to a Roth IRA for that same beneficiary.<\/p>\n\n\n\n How much should I save for college monthly?<\/strong><\/p>\n\n\n\n You should save as much as you can afford for your child\u2019s education without hurting your quality of life. Ideally, you should save at least $250 per month if you anticipate your child attending an in-state college (four years, public), $450 per month for an out-of-state public four-year college, and $550 per month for a private non-profit four-year college, from birth to college enrollment.<\/p>\n\n\n\n How much money can I put in a 529 plan per year?<\/strong><\/p>\n\n\n\n Good news, while there is a maximum aggregate 529 plan contribution limit, there is no annual 529 plan contribution limit! However, only contributions up to $18,000 per donor per beneficiary will qualify as an annual gift tax exclusion.<\/p>\n\n\n\n Are there any cons to 529 plans?<\/strong><\/p>\n\n\n\n If not used for college expenses, there is a 10% additional tax on earnings. If not used for qualified expenses, all earnings are taxed as ordinary income (even if the \u201cactual\u201d earnings were capital gains). The management fees for a 529 account are typically higher than the fees for comparable mutual funds.<\/p>\n\n\n\n Can I transfer 529 from one child to another?<\/strong><\/p>\n\n\n\n You can roll over a 529 plan to the beneficiary’s family member. There is no restriction on the number of times this can occur in any twelve-month period. Please refer to IRS Publication 970 for clarity regarding the definition of a family member.<\/p>\n\n\n\n Can 529 be used for adults?<\/strong><\/p>\n\n\n\n You can use a 529 plan to fund your own continuing education. Anyone age 18 or older with a Social Security number or taxpayer identification number who resides in the United States can open and fund a 529 plan account (refer to the state’s 529 plan rules to confirm your eligibility). There are also no age limits or requirements. You can start a 529 for an adult, child or even for yourself, if you decided to go back to school. Withdrawals used for eligible college expenses are generally not subject to state or federal taxes.<\/p>\n\n\n\n To take advantage of this benefit, contact Pat Karon directly via ping in Basecamp. She will require the following information for whichever 529 account(s) you wish to fund:<\/p>\n\n\n\n The $60 per quarter can also be divided between multiple accounts.<\/p>\n","protected":false},"excerpt":{"rendered":" All full-time employees at Autotroph are eligible to receive quarterly contributions paid by the company into a 529 college savings account which you own. Autotroph will contribute $60 each quarter into an account which you own and manage. Here is some helpful information about 529 savings plans: Is a 529 plan really worth it? 529 … Continue reading 529 College Fund<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"page_categories":[6,4],"class_list":["post-268","page","type-page","status-publish","hentry","page_categories-compensation","page_categories-perks-and-benefits"],"_links":{"self":[{"href":"http:\/\/cgcdocs.local\/wp-json\/wp\/v2\/pages\/268","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cgcdocs.local\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"http:\/\/cgcdocs.local\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"http:\/\/cgcdocs.local\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/cgcdocs.local\/wp-json\/wp\/v2\/comments?post=268"}],"version-history":[{"count":3,"href":"http:\/\/cgcdocs.local\/wp-json\/wp\/v2\/pages\/268\/revisions"}],"predecessor-version":[{"id":298,"href":"http:\/\/cgcdocs.local\/wp-json\/wp\/v2\/pages\/268\/revisions\/298"}],"wp:attachment":[{"href":"http:\/\/cgcdocs.local\/wp-json\/wp\/v2\/media?parent=268"}],"wp:term":[{"taxonomy":"page_categories","embeddable":true,"href":"http:\/\/cgcdocs.local\/wp-json\/wp\/v2\/page_categories?post=268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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