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Key takeaways. 529 plans are tax-advantaged accounts that allow a beneficiary to use the funds for qualified education expenses. Funds contributed to a 529 plan are allowed to grow tax-deferred.
A 529 plan is something like a Roth IRA or 401(k) plan designed for educational savings. ... You can use funds from your 529 plan to pay for qualified education expenses at eligible institutions ...
For example, a 529 plan in which $2,000 is deposited each year for 18 years would accumulate over $4,000 in fees with a 1.1% expense ratio but only $1,400 in fees with a 0.4% expense ratio – a savings of $2,600. Generally, direct-sold 529 plans have lower fees than advisor-sold 529 plans. [27]
Important 529 plan rules to know. ... Look for a planner who has experience specifically with 529 plans and ideally one who is a fee-only advisor. A 529 plan is not the only way to pay for college
A 529 plan is a tax-advantaged way for parents to save for their children’s education expenses. The IRS doesn’t impose a contribution limit on 529 plans, unlike for other tax-advantaged ...
529 college savings plans offer several tax benefits and the potential to build your child’s college fund over time. Unlike with several investment accounts, the federal government allows your ...
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