Birth of Child Savings Accounts

[klobster]

We are expecting our first child in January 2024. I plan to sign her up and start contributing to a 529 college savings plan. Are there any other tax advantaged accounts I can also look into for our child (such as UGMA, UTMA accounts)? Additionally, I know the child tax credit has evolved in recent years. What will be the rules for 2024? Can we expect less tax liability? 

[TeriH]

Congratulations!  You can never start saving too early.

That being said, the child tax credits that were enhanced during covid actually expired in 2022.  So, there is no plan, at this time, to bring back the enhanced version.

The 529 is a great account.  Should your child not go to college, you could use the $ for any other family member.