Author Topic: 529 Edvest Pre-Tax or not?  (Read 1565 times)

soccerluvof4

  • Walrus Stache
  • *******
  • Posts: 5357
  • Location: Artic Midwest
  • Retired at 50
    • My Journal
529 Edvest Pre-Tax or not?
« on: February 02, 2014, 07:59:34 AM »
My Question is 2 part. I have 4 kids and have been investing 3k per kid (12k) per year under the assumption that it Pre-tax. Hence you make 100k your AGI now is 88k. In addition, when you take it out as long as for qualified education items again it is tax free as well as any interest earned. We are in Wisconsin and I have gone to the EDVEST Website and it seems to say what i Mention BUT friends are telling me that there might be a cut-off at your income level which i cant find and or its just not true on the front end. Here is what is put on there site. When you look through the booklet again there is nothing about income levels. As i am trying to get more frugal i am going through everything and going back in my line items the last couple years I see nothing our account even mentions about this.

 https://www.edvest.com/learn/tax.shtml   

Wisconsin Tax Benefits Reduce Your Income Tax Liability
In addition to the potential for federal and state income tax-free earnings growth, if you are a Wisconsin taxpayer, your contributions to Edvest reduce Wisconsin taxable income up to a maximum of $3,000 per beneficiary per year. For more details, including treatment of rollovers, non-qualified withdrawals and recapture provisions, read the Disclosure Booklet and check with your tax advisor.

soccerluvof4

  • Walrus Stache
  • *******
  • Posts: 5357
  • Location: Artic Midwest
  • Retired at 50
    • My Journal
Re: 529 Edvest Pre-Tax or not?
« Reply #1 on: February 03, 2014, 06:54:33 AM »
Moving up anyone have answer on this ^