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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. The participant deposits after-tax money into the account.
Most plans allow donors to reclaim the funds at any time for their own use. However, if a "non-qualified" withdrawal is made, the earnings portion will be subject to income tax and an additional 10% penalty tax. [citation needed] Third, a 529 plan can provide a convenient, hands-off way to save for college.
A 529 plan is a tax-advantaged savings plan designed to help parents or grandparents cover the costs of their child’s or grandchild’s education. ... If you withdraw the money for non-qualified ...
You can use funds from your 529 plan to pay for qualified education expenses at eligible institutions nationwide. Withdrawals for qualified expenses are tax-free, but non-qualified withdrawals are ...
After years of investing in your children’s college education, you’re ready to reach into your 529 college savings plan and send your kid off to the best years of his or her life. But while ...
The IRS refers to the plans as qualified tuition plans or section 529 plans. ... If the beneficiary decides not to attend a participating school, they can withdraw the money, up to the plan limits ...
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