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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.
A 529 plan gives you a lot of flexibility about who can use the plan and when, says Van Sant. “Parents can change the beneficiaries on a 529 plan in case the originally designated child chooses ...
529 plan. A 529 plan is specifically designed for education savings. It offers tax-deferred growth, tax-free withdrawals for qualified educational expenses and even state tax deductions in some cases.
529 plans are named after section 529 of the Internal Revenue Code—26 U.S.C. § 529.While most plans allow investors from out of state, there can be significant state tax advantages and other benefits, such as matching grant and scholarship opportunities, protection from creditors and exemption from state financial aid calculations for investors who invest in 529 plans in their state of ...
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:
A 529 plan comes in two broad varieties — a prepaid tuition plan and an education savings plan: A prepaid tuition program allows you to purchase college credits at today’s prices for future use.