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Another thought…I wonder if you could take both a 10k deduction for a direct contribution and a 15k deduction for a rollover in the same year(25k total deduction). The document does not say it is either one or the other…July 20, 2019 at 6:51 am MST in reply to: Best Choice for a 529 Plan for an Arkansas Resident? #232075
Thanks for posting the link to that document.
It seems like the way to get the biggest deduction would be to contribute 15k to another states plan with subsequent rollover into the Arkansas 529?July 14, 2019 at 6:29 am MST in reply to: Best Choice for a 529 Plan for an Arkansas Resident? #230318
I’m an Arkansas resident and contribute 10k to Arkansas’s 529 annually.
Where did you see that you could get a 6k tax deduction for using an out of state plan. This is the first I have heard of this.July 11, 2019 at 7:43 am MST in reply to: Best Choice for a 529 Plan for an Arkansas Resident? #229490
As a radiologist, I would decline to do this even if compensated if it is anything more than a week or two breeze through the radiology department. If it is anything more in depth, they are asking you to train another specialty to eventually do your job.
He said lawmakers are already working to close this loophole. There could be large tax consequences when the loophole is closed. The correction bill could be retroactive. Cooperatives are not regular business entities for professionals, and this could open a can of worms for liability (a professional is not liable for negligence by other professionals or the entity with regular business entities, not necessarily so with a cooperative). There were a couple other things but these were the main issues.