Twitter and Instagram readers asked personal finance columnist Michelle Singletary how to keep track of their bank accounts, invest for college and rebuild after going bankrupt.
tuition or books. Additionally, many states offer tax deductions for residents who make contributions to a 529 plan.My son is 11, and we have a modest amount saved in his 529. When should I move what we have saved from the more aggressive funds into a more conservative one? He might go to community college before a four-year university and we can cash flow that.
I suggest rerouting the 529 plan money into an age-based portfolio. With this, it’s all automatic, so you don’t have to worry about rebalancing. That’s what we did. By the time each kid was ready for college, most of the money was moved to more conservative investments.My husband was told by the IRS that he may be a good candidate for an Offer in Compromise because he can’t afford to pay the back taxes.
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