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Any Tax experts?


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Any tax experts here?

I spent the last 17 years or so having my paycheck reduced in order to contribute to a Kentucky 529 plan. It is specifically to save for your kid's college fund, which I did, for 17 friggin years...

Now my kid is actually IN college. My daughter is forced to claim my college savings on her taxes. She is literally getting punished because I planned waaaaay ahead.

I ******* hate taxes....

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Not much of a help in this case other than suggesting a proper CPA.

I gave up on trying to find ways to save taxes, other than standard deductions and business expenses lowering the profit, inside the business. At some point I started investing my time forward, into new business ideas and how to increase profit.

In general, focusing on saving money is a dead end. At some point you will only live on bare minimum and spend so much time and energy on being frugal that nothing is left to get ahead of the game.

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14 hours ago, kerbie18 said:


Logic says you only pay taxes on the interest for the monies.  This should happen as it gets withdrawn.  If you are lucky they tax whoever gets the money (the student) since logically their income bracket is such they owe no taxes for the year and most likly should get it all back.


Still, unfortunately you need a read by a CPA!! 

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