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A 529 plan allows a participant to set up a tax-advantaged account to allow a beneficiary to use the funds for qualified education expenses. The participant deposits after-tax money into the account.
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]
Using 529 Plans. Qualified Education Expenses. ... If you open a 529 education savings plan, you may be asked to choose an investment option, typically from a selection of mutual funds, ...
The two types of 529 plans include: An education savings plan that allows you to open an investment account that can be used for future education expenses, including tuition, room and board, books ...
Here are answers to five common questions about how to spend money from 529 college savings plans. "Qualified expenses include tuition, fees, books, supplies and equipment required by an education ...
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.