Opening a 529 for yourself

[Frantic]

Hi there, I am living in Connecticut and intend to go back to school in January 09 to pursue a masters. I'd like to open a 529 plan with myself as the beneficiary to claim a state-tax deduction in 2008, and then turn around and use the funds immediately in 2009. Is this allowable, or are withdrawals from a 529 time-sensitive? If it is allowed, I would place the funds in Connecticut's money-market option to limit risk-of-loss.

In CT, contributions up to 5000 can be deducted from State taxable income.

[sweeps]

Yes, you certainly can and it is probably a smart move. Just check to make sure your plan's fees and expenses are not unreasonable.

[Frantic]

Perfect, thank you for confirming!

[MaksimFA]

Check the deductions specifically, but you should be good to go!