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The 529 plan has become a popular way to save for college expenses — and for good reason. ... and books at qualified educational institutions. Originally designed for college expenses, 529 plans ...
Are 529 College Savings Plans Worth It? For many families, yes. The plans provide tax-advantaged savings you can use to pay for tuition at today’s rates or offset other qualified education expenses.
Contributions to 529 college savings plans are made with after-tax dollars. Once money is invested in the account, it grows tax-free, and withdrawals from the plans are not taxed when the money is used for qualified educational expenses. [2] Only 2.5 percent of all families had 529 college savings accounts in 2013. [3]
Tuition always counts as a qualified expense as long as you’re paying it — if it’s paid by a tax-free scholarship, ... A 529 plan can help you save up for college expenses for your children ...
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 ...
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.