We are planning to start College savings 529 Plan for our kid ( 10 yr old).
We live in ILLINOIS.
Illinois does offer 529 college saving plan. Most of them say to start in-state Illinois to get the tax savings.
We do have Vanguard account for Roth savings and they offer 529 savings as well for Nevada state.
Trying to see which would work well for our situation ( IL vs NV ).
But how much of tax savings do we really get is my question for our in-state IL 529 compared to Nevada 529.
Married filing jointly with total income of 130K. After all the deductions we are taxed for 100K a yearly with 25% tax bracket.
Planning to save lump sum of around 100K into this 529 College savings. To get the in-state tax deduction we can save 20K every year for 5 years into Illinois 529 plan.
But based on the fees and performance which will work better in our situation. Illinois or Nevada or any other state 529 plans ?
Thanks in advance.