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Yea, wish there was some way to bring up the full list of payees. To broad a term only gets you the first page of results, to narrow gets nothing.
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Originally Posted by Desher
(Post 22177685)
There wont be any tax forms that you need to file for contributions. other readers are correct in that you will owe taxes and penalties on only gains - unless the 529 beneficiary actually did incur higher education expenses of course
I have recommended contributing and withdrawing money within the same year for a lot of my....associates - though not for the reason of MS of course. There will be a tax form generated listing the total DISTRIBUTIONS for the year. I'd keep the year end statement that reflects my contributions equal my distributions. Things I'd consider: Each states 529 plan does have a maximum (somewhere around $250,000). That's per state, per beneficiary. That is a cap on total account value. you can have $1,000,000 in contributions so long as your balance stays below $250,000 (for you big MSers who go big or go home) You can be both the owner and beneficiary of the same 529 as long as your over 18. Check for up front sales charges on the investments and any annual fees that may take away from you contributions. So tax-wise - i'm not worried. the 529 custodians (vanguard, schwab, etc) wont be a problem. and let's just say someone does ask questions. "well i kept contributing to the 529 plan but my wife kept pulling the money out to shop and i didn't notice it until now." As always, none of this is tax advice. do what you feel comfortable with. All I get from that is your 529 created the form for you. You still have to submit it to the IRS, correct? Again, when I took money(principal) out of my tax sheltered roth ira I had to submit a form to the irs telling them how much I took out. Maybe you are comfortable telling the IRS about your hobby of man spend but I would rather not have that conversation. The safer route is to get a line of credit, but is that worth a hard pull? |
Looking through the payee list on the Evolve Money website, I noticed some possibilities:
1. Several credit cards issued by Comenity Bank seem to be listed (search for Visa or MasterCard ... they're listed as retail store cards). The trick there would be running up a balance on this card that you'd want to pay off with MS from another source. 2. Several credit unions are listed as payees. Some specify that you're paying a loan or mortgage; others just list the CU's name. If someone has an account at one of these institutions and can try to do a small payment to one of their accounts (check card, checking account, etc.) that would provide a great data point. |
are reloadit cards still not working to fund billpay?
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Originally Posted by Szamboti
(Post 22189519)
are reloadit cards still not working to fund billpay?
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Virgin Atlantic VISA "Retail store card" is listed?
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Originally Posted by godsquare
(Post 22190908)
Virgin Atlantic VISA "Retail store card" is listed?
who wants to try paying their credit card with that link? :D |
Originally Posted by drdrew450
(Post 22191105)
Wells Fargo Bank - Financial Services
who wants to try paying their credit card with that link? :D |
<redacted>
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Some of the descriptions are really bad. My power company is Dominion. The listing that I think is correct does not have Dominion in the name and there are no other identifying details like and address or phone number. On the upside it didn't reject a $1 payment to see if it shows up.
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Originally Posted by godsquare
(Post 22190908)
Virgin Atlantic VISA "Retail store card" is listed?
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Disney Credit Card - 2% at Gas/Grocery, redeemable for airline ticket
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Originally Posted by MisterRobarto
(Post 22191570)
I know Comenity just launched a Virgin America Visa - couldn't track down a Virgin Atlantic Visa anywhere. At least not in the US.
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.....
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I think I will just try and pick up the phone and call them about the bill pay description issues and see what they say. I called them on the Reloadit issue and they resolved the problem. If enough people complain maybe they will improve the search function.
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