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529 plans are named after section 529 of the Internal Revenue Code—26 U.S.C. § 529.While most plans allow investors from out of state, there can be significant state tax advantages and other benefits, such as matching grant and scholarship opportunities, protection from creditors and exemption from state financial aid calculations for investors who invest in 529 plans in their state of ...
A 529 plan allows a participant to set up a tax-advantaged account to allow a beneficiary to use the funds for qualified education expenses. ... Anything not specified by the IRS in its definition ...
A 529 plan has an owner and a beneficiary, but they can be the same person. The owner chooses the beneficiary, selects the investments and determines when withdrawals will be made. The owner can ...
A 529 plan comes in two broad varieties — a prepaid tuition plan and an education savings plan: A prepaid tuition program allows you to purchase college credits at today’s prices for future use.
It's important to know exactly how 529 plans work.
A 529 plan offers several other benefits, including the ability to invest with potentially high-return assets such as stock funds, instead of being limited to low-return bank accounts.