How do I enter a 529 / Educational Savings account into the tool?

goalgamiPro looks at both your current holdings and future contributions.  An education Savings account- most commonly a 529 account- is no different, either by adding an account and adding future savings to the plan.  You can add the account on the Household Summary page.  This value would represent what you currently hold in your account.  You may also add future contributions to education by clicking on your household plan, then the plan name, where it will take to the Household Plan Details page.  There among the menu of options, select
Plan Resources" and you can add the account under the "Anticipated Savings."  This will be your education contributions in which you choose how frequently expected savings can be allocated to. Both are described in detail below.

Adding an Account

To add your current account, select the Household that you are working with and navigate to the Household Summary page.  Here, you select ‘Add Account’ from the dropdown.  Scroll down to select ‘529/Education’.

Figure 1: Household Summary, Select ‘529/Education’ 

Once you have selected ‘529 / Education’, you will be brought to a form to set up the account.  You must select the Account Name and Principal.  The principal can be the beneficiary, or it can be the parent contributing to the account.  The account number, Financial Institution, and Comments are all optional. 

Figure 2: Setting up a ‘529/Education’ Account

The account has now been set up.  To complete the process, you simply need to add assets to the account.  To do so, select ‘add’ next to the account that you have just set up.

Figure 3: 529/Education’ Account

On this page, you may enter in all the holdings.  You can select securities or you can enter in Generic assets to represent an asset type.  We use the value entered here as the account cost basis for tax purposes (if the account is used for non-education related goals).

Figure 4: Adding holdings to a ‘529/Education’ Account

Adding Anticipated Savings

For any planned future contributions to a 529 plan, you are going to want to enter "Anticipated Savings."  This represents all your future contributions, and will be factored into all calculations accordingly.

To enter, navigate to the "Plan Resources" tab once you have arrived on the Plan Details page of the Household Plan you clicked on.  On this tab, there is a section called Anticipated Savings.  Select the drop-down titled "Add Anticipated Savings," and select "Education."

Figure 5: Adding future education contribution

This brings you to "Anticipated Savings: Education," which is where you enter in the planned contributions for the education savings.  Here you must name the contribution and link it to your 529 account.  You also need to specify the frequency and duration of your contribution.  Finally you must state the value that you will be contributing each period.  In the example below, we are contributing $300/month to College Savings for John and Mary's daughter, Samantha.  This is linked to the ‘Daughter’s College Savings’, and goes 02/2014 – 02/2024.  You do have the option, like any other future savings, to adjust for Inflation or other additional annual adjustments.

Figure 6: Add future education contributions

Once you click save, the "Anticipated Savings" education account will be added and visible on the ‘Plan Resources’ tab as well as the Balance Sheet and Cash Flow.