[poll] what state’s 529 program did you choose?

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what state’s 529 program do you use?

your home state's - select this even if listed below
22
22%
your home state's - select this even if listed below
22
22%
illinois
4
4%
iowa
3
3%
michigan
0
No votes
nevada
13
13%
new york
5
5%
ohio
8
8%
utah
7
7%
a state not listed
6
6%
no 529 account
8
8%
 
Total votes: 98

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jeff mc
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[poll] what state’s 529 program did you choose?

Postby jeff mc » Sun Nov 18, 2007 6:06 pm

the MN diehards have been trying to figure out the best 529 plan: low cost, preferably vanguard (or tiaa-cref), lots of fund options, easy access, etc.

if you have a 529 account (or have decided but haven’t invested yet), click on the state from the list. if you chose your own state due to tax breaks, etc, just check the "home state" option even if your state is individually listed (so the 2,300 new york bogleheads don’t all check "NY" and skew results to more populous states, etc)

if you have more than one state's 529 plan, pick the state that has the highest balance.

reading prior 529 posts here and after some googling, it looks like the same 4-5 states show up on everyone’s "best 529" list. so, that’s where these (somewhat arbitrary) state options came from. taking out 'home state bias' should yield a very good collective diehard answer, assuming n is high enough...

Jadzia
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Joined: Fri Mar 16, 2007 11:55 pm

Postby Jadzia » Sun Nov 18, 2007 6:23 pm

I chose my home state -- Michigan -- which is also a pretty good plan. Run by TIAA-CREF, the expense ratio is 0.45%.

Tramper Al
Posts: 3600
Joined: Thu Oct 18, 2007 11:42 am

Virginia VEST

Postby Tramper Al » Mon Nov 19, 2007 9:50 am

If you like Vanguard, low cost, and good sub-account options, I encourage you to look at Virginia. If you believe in location of REITs and TIPS in tax-advantaged and the 529 as part of the big picture portfolio, you'll be as pleased as I am. The often maligned "application fee" cost is a mere blip on the ER scale when a considerable contribution is being made.

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bnwest
Posts: 168
Joined: Thu Mar 01, 2007 7:25 pm
Location: durham, north carolina

Postby bnwest » Mon Nov 19, 2007 10:47 am

I am using Utah and Vanguard 529 plan.

Doesn't West Virginia's plan feature DFA funds?

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Jake46
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Joined: Tue Feb 20, 2007 10:16 am
Location: Fort Collins, Colorado

Postby Jake46 » Mon Nov 19, 2007 11:01 am

I am using Fidelity's Delaware 529. When I started it, I lived in Texas and that state did not have a 529 plan (just a pre-paid tuition plan). I've moved to Colorado but am still in the Delaware Plan.

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Gentex
Posts: 71
Joined: Mon Feb 26, 2007 3:23 pm
Location: Southern California

Postby Gentex » Mon Nov 19, 2007 1:38 pm

I'm using the generic Vanguard 529, which I think is sponsored by Nevada.

Gentex

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jeffyscott
Posts: 6530
Joined: Tue Feb 27, 2007 9:12 am
Location: Wisconsin

Postby jeffyscott » Mon Nov 19, 2007 2:25 pm

I only use the 529 to get a state tax deduction, have to use my own state to do that. Putting $3000 in reduces taxes by ~$180.
press on, regardless - John C. Bogle

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Bounca
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Postby Bounca » Mon Nov 19, 2007 2:40 pm

I’m currently with New Yorks plan, but likely to switch over to Illinois due to choices and lower expense.

I live in Pennsylvania which I believe allows a state tax deduction even if you invest in an out of state 529. I’m trying to confirm this however.

asset_chaos
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Joined: Tue Feb 27, 2007 6:13 pm
Location: Melbourne

Postby asset_chaos » Mon Nov 19, 2007 6:10 pm

I've got two kids and two different 592s. One is Vanguard's, which is through Nevada I think. The other is West Virginia's, which has DFA funds. Note that WV seems to have several broker-sold 529 plans, and you have to look at the right plan version before it even begins to look reasonable.
Regards, | | Guy

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tat2ng
Posts: 463
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Location: Michigan
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Postby tat2ng » Mon Nov 19, 2007 9:15 pm

I chose Ohio, which is the plan I set up with my Dad as his gift to his grandchildren.

For my own children, I currently have only set up the Coverdell or Education IRA's, through Vanguard. If/when I start a 529 plan for my boys, I would probably start with Michigan's plan, since that is my home state, and I would get the in-state tax deduction.

Thad

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jeff mc
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Location: minnesota
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Postby jeff mc » Tue Nov 20, 2007 8:16 pm

thanks for responses... looks like nevada is a favorite state, but several others close behind.

seems strange that 529s aren't a federal plan like 401k, ira, coverdell, etc. at least we don't need to figure out the best state's IRA program, or 401k, etc...

of course, w/ my desire for integration, streamlining and simplicity, i would love to see all roths and 529s accounts merged into one federal program, and all 401x, 403, 457, trad. ira account programs rolled into a second federal program. will never happen, but one can dream, at least. i think i remember seeing that idea floated a few years ago in the senate, but never went anywhere.

FinanceGeek
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Joined: Sun Jul 01, 2007 5:27 pm

Postby FinanceGeek » Tue Nov 20, 2007 9:21 pm

I think this question is moot unless one lives in a state which permits deductions of any state's 529 plan.

Pacific
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Location: Lost in the middle of the Pacific

Postby Pacific » Tue Nov 20, 2007 10:32 pm

I have 3 plans in Nevada. I do not reside there.


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