What are the tax implications of investing cryptocurrency in a 529 plan with Charles Schwab?

3 answers

• Dec 20, 2021 · 3 years ago
  Investing cryptocurrency in a 529 plan with Charles Schwab can have tax implications. When you invest cryptocurrency in a 529 plan, it is considered a taxable event. This means that you may be subject to capital gains tax on any gains made from the sale of your cryptocurrency. It's important to consult with a tax professional to understand the specific tax implications based on your individual circumstances.
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• Dec 20, 2021 · 3 years ago
  Investing cryptocurrency in a 529 plan with Charles Schwab can be a smart move, but it's important to consider the tax implications. Depending on your jurisdiction, you may be subject to capital gains tax on any profits made from the sale of your cryptocurrency. Additionally, if you withdraw funds from the 529 plan for non-qualified expenses, you may be subject to penalties and taxes. It's always a good idea to consult with a financial advisor or tax professional before making any investment decisions.
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• Dec 20, 2021 · 3 years ago
  Investing cryptocurrency in a 529 plan with Charles Schwab is a great way to save for education expenses while potentially enjoying tax advantages. However, it's important to note that tax laws surrounding cryptocurrency are still evolving, and there may be some uncertainty regarding the specific tax implications. It's recommended to consult with a tax professional who is knowledgeable about both cryptocurrency and 529 plans to ensure you are fully informed about the potential tax consequences of your investment.
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