Guest bogart126 Posted October 11, 2001 Posted October 11, 2001 I'm not sure if this is appropriate for this topic. I am thinking of opening a 529 plan for my son. I already have an Education IRA which I am making contributions. I know that you cannot make contributions to both in the same year. However, if I get someone else, i.e. his grandparents, to open the 529 plan would I be able to contribute to the Education IRA and they contribute to the Section 529 plan in the same year? or is it the beneficiary cannot have contributions to both plans in the same year?
Erik Read Posted October 19, 2001 Posted October 19, 2001 The limitation is on the contributor, not the contributee. You can open both, but personally only contribute to one. The grandparents or other indivdual can contribute to the 529 plan. Personally - I think it's best to have both. Especially with the new laws. The Educ IRA can be used for expenses prior to college level, while the 529 can provide terrific benefits for higher Educ. Good luck! __________________ Erik Read, APR CKC
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