529 college savings account distributions

Steve & Ted
Friday, February 9th

Moneytracker Don Grant tells us all about the advantages of college savings plans.


Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

9713. Thirty K and as says congratulations. Duke Brenda. From Wichita. She listens to Steven did every morning says and this morning. He won the journey and Def Leppard tickets would which doesn't respect really coming up. Monday July 16 Brendon thanks for listing. Journey into leopard to 647 now Stephen dead three big things three which I thought there was little traveling to the White House to talk about in. Infrastructure. Team. Alleged rape of the small grill downtown Wichita YMCA. It's been arrested again the line. Congress scored for the night touchdown then reopened federal government pretty big thing Steven's dead 01 K and assess. And up there in trapped. It right now here in Wichita those volumes starting to pick up certain disease and heavier traffic. On the switched over roadways right now especially seeing some heavy traffic deaths. Westbound at this point westbound Kellogg at this on the west side right around the desk to. The airport road there. And this morning Boston gets heavy traffic right around north junction on high 135. Especially southbound. There traffic on KN SA has brought to invite. Go to Robin Carlson here tirelessly to downtown market and Letterman and he's everything volley and online at our desired outcome. Your home for complete car care. Mostly sunny today with a high of 39 degrees after yesterday's high of 6039. Today that the enjoy the warmth lack of and mostly cloudy and cold tonight you'll what I believe fifteen to. Saturday mostly cloudy and cold at tomorrow's high 24. Now mostly cloudy south 27 miles per hour. 38 degrees. And assess whether brought you by the monarch voted one of the best burger bars in America by the urban rebukes. Located at 579 west Douglas and historically no. The monarch monarch 648 Steve intended this piece of net urban warming up again but it could be good evening for that. 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Tees let me know if you got one here did beef there we go it sausage and pepperoni. And there that's available on our web page can assist radio dot com there's another way you can tell what you think right dead. Just download the free Kate SS app from the App Store. It leaves a comment by going to menu and click talkback now and tells what's the best pizza in town does best pizza in town down what your favorite type that's what's the best pizza in town leave that mentality is McCain SS that and well played those back in the 8 o'clock hour but here regular on this morning she went on balance more. That day yeah it's it's real easy. You get via. Eight stocks. Have been giving up the gains. They made earlier this year. The Dow Jones Industrial Average now in correction territory down more than 10%. Off of its January 26. Record closing high today down 4%. At 2300860. That was a drop of of 1032. Points. All thirty names on the Dow Jones Industrial Average was down arrows General Electric Home Depot caterpillar Intel American Express topping more than 5% each. For the year now we have wiped away any gains. Big picture. The economy tax cuts wage growth those are the kinds of things that are still in place and would give the ball's still something to go on. On the floor of the New York Stock Exchange nickel metal eighties Fox News. It's 651 now Stephen Ted death. And I count it's 549 account distribution Don grants GOP the bunny tracker with us this morning good morning done. Good morning C we're talking about college savings accounts it's so many people involved in now and you know most parents probably know a bit about policy plans particularly the 529. They may not know all the working parts but they'd probably you know that. They'd be you know putting money away now that is earmarked for education. Is allowed to grow tax free under this IRS number well the term 529 is actually code. Were sections of the tax code just as 401K. Is named after the parts of structured 401. Section 529. Contains provisions. Under which contributions to cover qualified education expenses lot. Well as a refresher if anyone can open up by 29 college savings plan account. Every state offers at least one plan managed by one of a number of different asset management companies. What you had bad invest in the Alaska planned for example you can use it for school in California or any other state. There may be an advantage to investing in the plan offered that your own state like. Chances for example because. Contributions. While after tax for federal purposes. Are often tax deductible. Against state taxes. And every state will have different rules. By 29 accounts are owned by one or several people as joint owners. And there isn't named beneficiary generally one child who will eventually use the money for school recent tax law changes now allow for monies in me by 29 plants to be used for elementary education as well as college. Put money into it by 29 plans considered a gift to the beneficiary of the plan. So gifting threshold applies. Now that means one person can get. 141000. Dollars per year to another person. Without pain get taxes. Under section 529 the donor is allowed to accelerate again. And contribute up to five years in one deposit. So an individual could give 7070000. Dollars that's five years parents 141000. At one time. And the couple could double that. Assets can be taken out of the 529. Actually only if the distribution is used war. Qualified education expenses that's essentially tuition books room and board through a qualified education institution. Buying a car your kid to drive to and from K state. Might be challenged that's a little iffy. Distributions are essentially on the honor system if you audited by the as you will need to show proves the distributions work. Qualify better yet. Checks sent from the 29 administrator directly. To the educational institution to. Rule out any confusion and of course you have any questions you give me a call the number 642222. Don today is national pizza today. I now. You remember the first pizza you had that wasn't making whole impedes the mommy from Jeff hardy is open like nicer. I certainly do you know these first shaky peace in the world was started by shaky Johnson in Sacramento California. On 59 street and and I remember I remembered of the bringing it home. Sitting in my laps he'd torture. Because ought to do it smell it in now. Read chickens and take you to hear what don't we just have shaky long ago I first was a Pizza Hut pizza onto West Street. Well I understand that that the guys compete learned a lot from shaking your Johnson tried to franchise and tried to expand to quickly. And and they watch that very carefully at them when they've still got their Pizza Hut go on. They did it successfully shaking went to bask in the last laps I mean it lasts about thirty years I think there's one at least one left in LA to know that. Well peppering it pepperoni is most popular pizza at 36% of all eyes were ordered. Over three billion pieces are sold in the USA each year. And another one billion on frozen pizzas and 17% of all US restaurants a pizzeria. We like Peter Johnson there. Now I'm an area we've got to you've got to know once there you gotta go. I actually take it on national page today Tate coming up stopping our. The case has this morning news was even dead coverage pulls it over nighter to deal with the budget and government shut down. We've got the story coming up they intend on staying in assess.