Author Topic: Colorado 529 Plans  (Read 1094 times)

MilesTeg

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Colorado 529 Plans
« on: April 12, 2021, 04:32:53 PM »
I live in Colorado, and I want to establish a 529 plan.

In my 30 minutes of googling, it appears like my only option, other than going through a broker, is the site:

https://www.collegeinvest.org/

Have I gone down a dumb internet scam hole or is this actually correct? Is this how to set up a 529 in Colorado?

chaskavitch

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Re: Colorado 529 Plans
« Reply #1 on: April 12, 2021, 04:34:34 PM »
This is where we set up our 529s.  I put them on our taxes this year, so I hope it's legit, haha :)

Hibernaculum

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Re: Colorado 529 Plans
« Reply #2 on: April 13, 2021, 06:15:27 AM »
You don't need to establish a 529 in your state of residence. You can use a 529 plan from any state to pay for an eligible college in any state.

chaskavitch

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Re: Colorado 529 Plans
« Reply #3 on: April 13, 2021, 06:29:20 AM »
I chose the Colorado 529 plan because it's deductible on Colorado state taxes and they have an option that's run by Vanguard that allows you a decent amount of control of your investments.  I did a little bit of research into other states, I didn't see any that were much better without deep digging.

We're putting less than a quarter of our "college" savings for our kids in there, in case they decide not to go to college, but I figured some tax breaks are better than none.

yachi

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Re: Colorado 529 Plans
« Reply #4 on: April 13, 2021, 06:46:52 AM »
I live in Colorado, and I want to establish a 529 plan.

In my 30 minutes of googling, it appears like my only option, other than going through a broker, is the site:

https://www.collegeinvest.org/

Have I gone down a dumb internet scam hole or is this actually correct? Is this how to set up a 529 in Colorado?

I wasn't sure what you meant with "other than going through a broker" until I found this list of every state's 529 plan(s):
https://plans.collegesavings.org/viewState.aspx
Stay away from the "advisor sold" options.  Eww, nothing but pain and poor returns there.  Not every state has those.

 

Wow, a phone plan for fifteen bucks!