ellsbebc
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I'm no expert, but I've read Roth IRAs are better because they don't count for assets for financial aid qualification. I believe you can pay your kid the $5250/yr and contribute it to their Roth. Someone correct me if I'm wrong.
In order to contribute to an IRA, you must have earned income. Believe this must be via 1099 or W-2.
Thanks for the tips. I will have to look into the Roth situation.
Below is a WSJ article from 2012 so some data may be outdated. It addresses the common scenarios of an overfunded or unused 529 plan.
http://www.wsj.com/articles/SB10001424052970204542404577159311576663798
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