This blog contains some simple tips and advice from two regular guys. We're not accountants, financial advisors, or brokers, so follow, ignore, or discuss our ideas as you see fit.

Monday, March 10, 2008

Quick trick for funding the 529 college savings plan.

Posted by Matt

This tip might be coming a little bit too late (unless you have been postponing filing your tax returns like my wife and I have been), but I just got the notice in the mail last week.

The Oregon College Savings plan decided to make it just that much easier to save for your child's education by letting you route your tax refund directly to the savings plan. From the flyer I got in the mail:

Divert the refund to your Oregon College Savings plan 529 account by putting their routing (101000695) and account (1111538) numbers in the right boxes and marking the "Savings" checkbox. Follow the account number with your child's savings plan 10-digit account number (there are boxes).

Questions? Call Oregon College Savings plan customer service (866.772.8464)

My wife and I probably won't actually do this because we already contributed to the 529 during the year (to the full deductible amount and then some), but I still think it is a nice offering by the plan and a good idea. As always, remember to keep your other financial priorities in mind when considering a move like this. If you didn't contribute enough to retirement for last year yet, it's not too late, and that should come first.

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