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Funding a 529 plan may even reduce your taxes today in some cases. Some states offer tax deductions on contributions, and you can calculate your potential benefit with the help of Vanguard’s 529 ...
The average cost of tuition and fees at four-year private colleges and universities has grown from $34,970 for the 1994-1995 school year to $58,600 for 2024-2025, according to CollegeBoard.
“In the last several years, a 529 plan has become an attractive vehicle due to its tax advantages,” says Holt. “529 plans are inspiring people to actually save, especially for education and ...
The one caveat, though, would be that you could potentially owe gift taxes if you exceed $17,000 into a single child’s 529 plan in a single year, or $12.92 million over the course of their lifetime.
How a 529 works. These college savings plans offer tax-deferred growth and tax-free withdrawals when used for qualifying expenses, which for post-secondary education include tuition, fees and ...
Key takeaways. Prepaid tuition plans allow you to lock in future in-state tuition for your child at today’s tuition costs. Like other types of 529 plans, you may receive a tax benefit as a ...