Latest / The College Savings Podcast with Fexingo: 529 Plans, Education Funding, and Student Costs
The Hidden Cost of College Savings Plans
We explore the overlooked tax implications of 529 plans when beneficiaries attend out-of-state or international schools. Lucas and Luna break down how state tax benefits can vanish overnight, using a specific case study of a family in New York who lost thousands by choosing a California university. We discuss strategies like portability rules, direct plan comparisons, and the 'state tax deduction trap' that catches many well-meaning parents. This episode provides concrete steps to audit your current 529 holdings against your child's likely college choices.
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The skinny
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