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#43404 - 05/24/08 07:15 PM prepaid MD plan - good idea if about to move to NY
Curry Curry Registered: 05/24/08 Posts: 1	Hi, we have a 11 month old, live in MD but will move to NY next January. We like the pre-paid plans for peace of mind (MD plan pays "weighted average" MD tuition if attending out of state or private college)and were thinking to buy a 4-year university plan in MD before we move. Retirement plans, life insurance, etc. is all taken care of and we could afford to do the lump sum. I realize that we would only be able to take the MD state tax reduction for this year (2*2,500 if we each buy two years of university), but is there any other problems that would result from us moving to NY but keeping our MD prepaid plan? We're not too thrilled with the NY plans and they don't really have a pre-paid option, so we hope to take advantage of the MD option while we still can. Is this a good idea? Any suggestions/comments would be highly appreciated. Thanks in advance!
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#43418 - 05/28/08 08:17 AM Re: prepaid MD plan - good idea if about to move to NY [Re: Curry]
Drew Drew Registered: 01/09/00 Posts: 2478	NY has tax incentives for NYers who are subject to NY taxes to buy 529s once you get there..... I believe you can make much more aggressive use of MD tax code by buying as many plans as you can possibly fit into your overall total family tree (as define in tax code)now and you change the beneficairy designations sometime later. Hey, you get an extra 4.75% X $2500 EACH merely for some careful paperwork? If its worth you time to do 2 plans its worth your time to do 6,8 or whatever your tree permits it owrk. _________________________ Drew
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