Quick Takes: 529 College Savings Plans

Welcome to our first edition of Quick Takes, where Kirr, Marbach’s Associate Directors of Client Service Zach Greiner, CFP® and Maggie Kamman, CFP® simplify some hard-to-understand topics. We hope with these short, easy-to-digest podcasts increase financial literacy and help you make smart decisions with your money.

We are launching our first episode on 5/29 with a fitting first topic: 529 College Savings Plans. These popular plans provide a highly tax-advantaged way to save for a wide variety of schooling (accredited universities, private K-12, trade schools, etc.). Zach and Maggie break down the biggest tax advantages and highlight a big change happening to the Indiana state income tax credit in 2023.  While it is important to utilize the tax benefits when funding these accounts, it’s equally important to consider the requirements and potential penalties when it comes to taking money out. The recently enacted Secure Act 2.0 provides a new way to avoid penalties if you’ve found yourself in a position where you’ve over-saved in a 529 account. Interested in finding out more? Click below to take a listen!

The opinions expressed in this podcast are those of the participants as of the date the podcast was recorded. These opinions have not been updated or supplemented and may not reflect their views today. The information provided in these podcasts do not provide information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase or sell any particular stock or other investment.