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micha8st t1_jefu368 wrote

Does NJ offer a state income tax deduction for 529 contributions? Is it limited to your state 529 plans? (my recollection from previous reddit discussions is YES to both, but check me on that).

You are not restricted to using a NJ plan. I happened use my state's plan -- my state is the type to give tax deductions...but they didn't until my eldest was in college. AND, they didn't restrict tax deductions to contributions to a my-state 529 plan.

WHen I made my decision, the Vanguard UT 529 plan was considered best. Not long ago I looked, and it was now Vanguard NV 529 plan. The plan I'm in for my state is also highly regarded.

I guess the only other question is on the other end, but who knows what will happen between now and then. I'm not entirely happy with Fidelity -- I've split one of my kids 529s between multiple funds, and to correctly pull from one but not the other could not be achieved by using the website -- I would have to call up to place the sell order. But other than that, yes, I was happy with the fidelity web interface and services.

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thebeginingisnear OP t1_jeg04ug wrote

Still reading over data on expense ratios and all. Seems like going with the Njbest plans make them eligible for up to a $3000 scholarship through the program if they go to a NJ school. Leaning towards opening that plan until we make enough contributions to max out that scholarship and then open an additional account with someone like vanguard and

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micha8st t1_jegg9ga wrote

who runs the NJbest plan?

Vanguard, Fidelity, Schwab are considered excellent around here.

Looked it up: Franklin Templeton. I don't know much about them.

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thebeginingisnear OP t1_jeg080z wrote

Still reading over data on expense ratios and all. Seems like going with the Njbest plans make them eligible for up to a $3000 scholarship through the program if they go to a NJ school. Leaning towards opening that plan until we make enough contributions to max out that scholarship and then open an additional account with someone like vanguard

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