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(You can crunch the numbers using Bankrate’s college cost calculator.) For college, you may want to look at a 529 savings plan, which is offered by most states.
A 529 plan allows contributions to grow tax-deferred, and any money may be withdrawn tax-free if used for qualified education expenses at eligible institutions.
A 529 plan, also called a Qualified Tuition Program, [1] is a tax-advantaged investment vehicle in the United States designed to encourage saving for the future higher education expenses of a designated beneficiary. In 2017, K–12 public, private, and religious school tuition were included as qualified expenses for 529 plans along with post ...
Beneficiaries of a 529 plan will be able to convert a lifetime total of $35,000 from a 529 plan to a Roth IRA without incurring taxes or penalties.
Bankrate.com, perhaps its best-known brand, is a personal finance website. As of November 8, 2017, it became a subsidiary of Red Ventures through an acquisition.
Virginia 529 College Savings Plan Virginia529 (VA 529) or Virginia529 College Savings Plan is the independent state agency responsible for Section 529 qualified tuition programs offered by the Commonwealth of Virginia. [1] Since 2018, Morningstar has named Virginia's Invest529 plan among the top 529 college savings plans in its annual analysis. [2][3][4] According to U.S. News & World Report ...