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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.
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).
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 ...
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.
“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 ...