•1 min read•from Hawaii News, Advice, and Aloha
Is the new HI529 state income tax advantage worth it? Might move my Fid. UTMA account over for my kids (just getting started so small).
Our take
Considering a move to the new HI529 state income tax advantage is an intriguing prospect, especially for those just starting their investment journey, like you with your children's Fid. UTMA accounts. The HI529 plan, managed by Vanguard, offers appealing benefits, particularly for families looking to maximize their tax savings while saving for education. However, sticking with Fidelity could provide familiarity and ease if you're already comfortable with their platform. Weighing the advantages of the HI529, such as potential tax breaks and investment options, against the stability and service of Fidelity is essential. Ultimately, the decision should align with your financial goals and your comfort level with managing small accounts. Exploring both options will help you make an informed choice for your family's future.
Thinking of moving my Fid. UTMA accounts over for my kids. Im not a big investor and their accounts are small. The HI529 (run by Vanguard) is tempting but then I could just stick with Fidelity
[link] [comments]
Read on the original site
Open the publisher's page for the full experience
Tagged with
#HI529#state income tax#Fid. UTMA#tax advantage#Vanguard#Fidelity#investor#accounts#kids#investing#small accounts#education savings#moving accounts#financial planning#savings accounts#state benefits#investment options#long-term growth#parenting finance#financial products