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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.
Tax Benefits of 529 Plans. Beneficiaries reap the largest tax benefits of 529 plans. The money contributed on their behalf grows tax-free. And as long as they use the money for qualified education ...
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 ...
A 529 plan is a savings plan designed to help make it more affordable to save money for future education expenses. There are actually two types of 529 plans: prepaid tuition plans and college ...
“In the last several years, a 529 plan has become an attractive vehicle due to its tax advantages,” says H. Adam Holt, CFP and CEO of Asset-Map, a company that helps savers track their ...
529 plans offer considerable convenience and potential tax savings when putting money aside for education. That said, there are still a range of rules you’ll need to know (and follow).
It's important to know exactly how 529 plans work.
A 529 plan, also called a qualified tuition plan, is a tax-advantaged savings plan sponsored by states, state agencies or educational institutions. It can come in one of two versions: