Temporary Texan

I'd like to start saving for my 5yr olds education. Only problem is, we don't know where we're going to be living in 12 years time. I'm from the UK, my wife is from Australia, our son is born here in Texas and our "home" country is Australia.

I'm thinking of putting about $8k per year into a 529. I'd like to have the flexibility of being able to send my son to college in the US, UK or Australia. Would the funds be available without penalty to pay for an "overseas" education?

TIA

From looking at the tax code (Section 529 of the Internal Revenue Code As Amended by the Economic Growth and Tax Relief Reconciliation Act of 2001) It does not look as if there are any limitations on which school your child goes to as long as it is accredited. Thus, there will not be a penalty. I hope this helps!

TT

As long as the institute is eligible to participate in the federal (US) financial aid programs, withdrawals will qualify. See IRS Publication 970 for the definition of qualified institutions.

TJ