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#18877 - 06/26/01 09:51 PM Purchasing Multiple Plans
MarcS
Registered: 06/26/01
Posts: 1 		Is it legal / possible to purchase more than one plan for the same beneficiary, from the same state or from different states?

For example, can I buy a plan from NC and VA for the same child? Are there any added burdens?
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#18878 - 06/26/01 10:29 PM Re: Purchasing Multiple Plans
Joe Hurley Administrator
 Registered: 01/07/00
Posts: 2080 		Yes it's okay to do that. I have accounts in over 20 states for my two kids. (Why so many? It helps my understanding and my due diligence).

The added burden is mostly a paperwork one. Like any investment, there is usually a lot of communication coming from the state and/or vendor.

Currently, when there are multiple accounts in the same state for the same beneficiary, IRS requires "aggregation" for tax purposes which means the state is supposed to treat them as one account when testing contribution limits and computing income on withdrawals.

Joe
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