[kbace6]

Has anyone used a 529 savings plan at the Villages Lifelong Learning College?

Are they 529 eligible? I would like to take courses here when I arrive and a 529 savings plan would be a great way to pay for it while I am still working.

Your thoughts?

[Villageswimmer]

Interesting idea...why don't you call the college and inquire? If they're not noe, perhaps they can be.

[kbace6]

Originally Posted by naneiben

Interesting idea...why don't you call the college and inquire? If they're not noe, perhaps they can be.

I have sent them a couple of emails via their site. Perhaps if I don't get anywhere on TOTV I will have to give them a buzz.

[graciegirl]

What is a 529 plan?

Their courses are mostly fun and rather frivolous in nature, self help, crafty, arty etc and they are quite reasonable.. I pay $81 dollars for a six week course two hours plus each session for art courses. Excellent teachers...(except for one)

[manaboutown]

What is a 529 plan?

Wikipedia on 529 plans: 529 plan - Wikipedia, the free encyclopedia

[kbace6]

Originally Posted by graciegirl

What is a 529 plan?

Their courses are mostly fun and rather frivolous in nature, self help, crafty, arty etc and they are quite reasonable.. I pay $81 dollars for a six week course two hours plus each session for art courses. Excellent teachers...(except for one)

Gracie, if you have not read the other post defining the 529 plan, a 529 is typically a higher education tax free savings plan similar to an IRA or 401k except you NEVER, EVER pay taxes on it, but it has to be used for education. So my thinking is that since I plan to use the LLC in the Villages, (frivolous or not) why not save some money now and get it tax free and possibly lower my tax bracket in the process? That way any classes I decide to take in the future are already paid for.

[jimmy D]

Originally Posted by kbace6

Gracie, if you have not read the other post defining the 529 plan, a 529 is typically a higher education tax free savings plan similar to an IRA or 401k except you NEVER, EVER pay taxes on it, but it has to be used for education. So my thinking is that since I plan to use the LLC in the Villages, (frivolous or not) why not save some money now and get it tax free and possibly lower my tax bracket in the process? That way any classes I decide to take in the future are already paid for.

I do not believe that a 529 will work in this instance

[manaboutown]

Typically a 529 is funded by parents, grandparents or other family members for a child who will use it to further his education beyond high school. It is my understanding, at least in the state that I use for my grandchildren's 529 plans, that it must be used prior to age 30.

[kbace6]

Originally Posted by manaboutown

Typically a 529 is funded by parents, grandparents or other family members for a child who will use it to further his education beyond high school. It is my understanding, at least in the state that I use for my grandchildren's 529 plans, that it must be used prior to age 30.

Yes they do vary from State to State. In most cases yes it would be for a child, but it does not have to be.

[kbace6]

Originally Posted by kbace6

Has anyone used a 529 savings plan at the Villages Lifelong Learning College?

Are they 529 eligible? I would like to take courses here when I arrive and a 529 savings plan would be a great way to pay for it while I am still working.

Your thoughts?

I just got word from TVLLC. Here is the email that I got back from them.

"Good morning, Kevin. We, unfortunately, do not qualify at this time for the 529 plan. Feel free to contact us any time in the future about this status change."


Michelle Shideler

TVLLC


Although this is what I expected, it is my hope that in the future this will change. Not all the classes offered fall into the frivolous category, some of them seem quite legitimate, so there is hope I suppose.